Homework Answers
Journal entry
| No | Account and explanation | debit | credit |
| 1 | Cash dividend | 119700000 | |
| Preferred dividend payable | 119700000 | ||
| (To record dividend declared) | |||
| 2 | Preferred dividend payable | 119700000 | |
| Cash | 119700000 | ||
| (To record dividend paid) | |||
| 3 | Cash dividend (387370300*1.8) | 697266540 | |
| Common dividend payable | 697266540 | ||
| (To record dividend declared) | |||
| 4 | Common dividend payable | 697266540 | |
| cash | 697266540 | ||
| (To record dividend paid) |
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