Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 106,000...
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Accounting
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 106,000 shares of $10 par common stock. 4,500 shares of $140 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 4,500 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Prepare general journal entries to record the declaration and payment of the cash dividends
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