ABC Corporation
has two classes of
stock: 4%, $100 Par Value
Cumulative Preferred stock; 2000
shares outstanding; there are no
dividends in arreas. Common Stock
$2.00 PV; 100,000 shares issued and
outstanding. 01/02/22 The Board of
Directors declares a $20,000 Cash
Dividend to stockholders of record on
01/31/22; the payment date is
February 15, 2022. REQUIRED: 1)
Compute the amount of the dividend
for the Preferred and Common Shares
2) Record the Journal Entries for the
Declaration Date, Date of Record and
Payment Date.