3. The shareholders' equity section of Korr Corporation at December 31, 2013 included the following: $6 preferred shares, cumulative, 10,000 shares authorized, 8,000 shares issued $ 800,000 Common shares, 250,000 shares authorized, 200,000 shares issued Dividends were not declared on the preferred shares in 2013 and are in arrears. $2,000,000 On September 15, 2014, the board of directors of Korr Corporation declared dividends on the preferred shares for 2013 and 2014, to shareholders of record on October 1, 2014, payable on October 15, 2014. On November 1, 2014, the board of directors declared a $2 per share dividend on the common shares, payable November 30, 2014, to shareholders of record on November 15, 2014. Instructions Prepare the journal entries that should be made by Korr Corporation in 2014 on the dates indicated below September 15 October 1 November 1 November 15 October 15 November 30 If no journal entry is needed on a particular date, please say
3. The shareholders' equity section of Korr Corporation at December 31, 2013 included the following: $6 preferred shares, cumulative, 10,000 shares authorized, 8,000 shares issued $ 800,000 Common shares, 250,000 shares authorized, 200,000 shares issued Dividends were not declared on the preferred shares in 2013 and are in arrears. $2,000,000 On September 15, 2014, the board of directors of Korr Corporation declared dividends on the preferred shares for 2013 and 2014, to shareholders of record on October 1, 2014, payable on October 15, 2014. On November 1, 2014, the board of directors declared a $2 per share dividend on the common shares, payable November 30, 2014, to shareholders of record on November 15, 2014. Instructions Prepare the journal entries that should be made by Korr Corporation in 2014 on the dates indicated below September 15 October 1 November 1 November 15 October 15 November 30 If no journal entry is needed on a particular date, please say
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 8PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...
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