Jameson Company Earned Net Income of $75,000 During the Year

question 63

Essay

Jameson Company earned net income of $75,000 during the year ended December 31,2018.On December 20,Jameson declared the annual cash dividend on its 8% noncumulative preferred stock (par value,$150,000)and a $0.50 per share cash dividend on its common stock (45,000 shares).Jameson then paid the dividends on January 10,2019.
Prepare the journal entries to record the declaration and the distribution of the dividends.Explanations are not required.

Identify the correct spelling of plural nouns.

Demonstrate an understanding of the correct use of apostrophes in plural forms.

Recognize correct spelling in the context of a sentence.

Distinguish between correct and incorrect spellings of commonly mistaken plurals.

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Definitions:

Declaration

A formal or explicit statement, announcement, or pronouncement, often related to policies, intentions, or rights.

Fundamental Principles

Core beliefs or values that form the basis for a system, theory, or organization.

Core Labor Standards

Fundamental principles and rights at work established by the International Labour Organization, including freedom from forced labor, child labor, discrimination, and the right to collective bargaining.

Nontariff Trade Barrier

Restrictive regulations and policies other than tariffs that countries use to control the amount of trade across their borders, including quotas, embargoes, or standards.