Pearland Company Has 50,000 Shares of Common Stock Outstanding and 2,000

question 81

Essay

Pearland Company has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding. The common stock is $1.00 par value. The preferred stock has a $100 par value, a 5% dividend rate, and is noncumulative. On October 31, 2015, the company declares dividends of $0.25 per share for common. Provide the journal entry for the declaration of dividends.

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Definitions:

Slander Per Se

Defamatory statements that are considered damaging on their face, without the need for the plaintiff to prove actual harm, including allegations of a loathsome disease, professional incompetence, criminal behavior, or unchastity.

Moral Turpitude

Conduct that is considered contrary to community standards of justice, honesty, or good morals.

Loathsome Disease

Historically referred to communicable diseases considered dangerous and highly contagious, often requiring quarantine; now less commonly used terminology.

Trespass to Personal Property

An intentional interference with someone's personal property without the owner's consent.