Accounting for cash dividends [10 min]
Frenchvanilla Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, Frenchvanilla declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). Frenchvanilla then paid the dividends on January 4, 2013.
Requirement
1. Journalize for Frenchvanilla:
a. Declaring the cash dividends on December 15, 2012.
b. Paying the cash dividends on January 4, 2013.
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