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Greentea Corporation earned net income of $125,000 during the year ended December 31, 2021. On December 15, Greentea declared the annual cash dividend on its 10% preferred stock (15,000 shares with total par value of $150,000) and a $0.75 per share cash dividend on its common stock (30.000 shares with total par value of $300,000). Greentea then paid the dividends on January 4, 2022. Read the requirements. a. Journalize for Greentea Corporation the declaration for the cash dividends on December 15, 2021. (Record debits first, then credits. Exclude explanations from any journal entries. Use only a single account to record the dividends.) Dec Date 2021 15 Journal Entry Accounts Debit Credit Requirements Journalize the following for Greentea: a. Declaring the cash dividends on December 15, 2021 b. Paying the cash dividends on January 4, 2022 Did retained earnings increase or decrease during 2021? By how much? Print Done - X

Greentea Corporation earned net income of $125,000 during the year ended December 31, 2021. On December 15, Greentea declared the annual cash dividend on its 10% preferred stock (15,000 shares with total par value of $150,000) and a $0.75 per share cash dividend on its common stock (30.000 shares with total par value of $300,000). Greentea then paid the dividends on January 4, 2022. Read the requirements. a. Journalize for Greentea Corporation the declaration for the cash dividends on December 15, 2021. (Record debits first, then credits. Exclude explanations from any journal entries. Use only a single account to record the dividends.) Dec Date 2021 15 Journal Entry Accounts Debit Credit Requirements Journalize the following for Greentea: a. Declaring the cash dividends on December 15, 2021 b. Paying the cash dividends on January 4, 2022 Did retained earnings increase or decrease during 2021? By how much? Print Done - X

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Greentea Corporation earned net income of $125,000 during the year ended December 31, 2021. On December 15, Greentea declared the annual cash dividend on its 10% preferred stock (15,000 shares with total par value of $150,000) and a $0.75 per share cash dividend on its common stock (30.000 shares with total par value of $300,000). Greentea then paid the dividends on January 4, 2022. Read the requirements. a. Journalize for Greentea Corporation the declaration for the cash dividends on December 15, 2021. (Record debits first, then credits. Exclude explanations from any journal entries. Use only a single account to record the dividends.) Dec Date 2021 15 Journal Entry Accounts Debit Credit Requirements Journalize the following for Greentea: a. Declaring the cash dividends on December 15, 2021 b. Paying the cash dividends on January 4, 2022 Did retained earnings increase or decrease during 2021? By how much? Print Done - X
Transcribed Image Text:Greentea Corporation earned net income of $125,000 during the year ended December 31, 2021. On December 15, Greentea declared the annual cash dividend on its 10% preferred stock (15,000 shares with total par value of $150,000) and a $0.75 per share cash dividend on its common stock (30.000 shares with total par value of $300,000). Greentea then paid the dividends on January 4, 2022. Read the requirements. a. Journalize for Greentea Corporation the declaration for the cash dividends on December 15, 2021. (Record debits first, then credits. Exclude explanations from any journal entries. Use only a single account to record the dividends.) Dec Date 2021 15 Journal Entry Accounts Debit Credit Requirements Journalize the following for Greentea: a. Declaring the cash dividends on December 15, 2021 b. Paying the cash dividends on January 4, 2022 Did retained earnings increase or decrease during 2021? By how much? Print Done - X
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