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blsea [12.9K]
2 years ago
9

Blossom Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,050 shares of $50 par valu

e preferred stock and 102,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $4,625; 2020, $13,500; and 2021, $28,500.
Required:
Journalize the declaration of the cash dividend at December 31, 2021.
Business
1 answer:
kifflom [539]2 years ago
5 0

Answer:

December 31, 2021

Debit : Dividends $28,500

Credit : Shareholders for Dividends $28,500

Explanation:

The Dividends declared present a present obligation by the entity to its shareholders.

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