Salalah Mills Company is having 10,000 stocks of 15% OMR 1 par value non-cumulative, Irredeemable preferred stock outstanding at January 1 2019. The board of directors has decided to declare dividends for preferred stock on 31st December 2019 which was eventually paid on 10th January 2020. Which of the following journal entry was correct on 31st December 2019? a. Debit Retained earnings OMR 1500 Credit Preference dividend payable OMR 1500 b. Debit Bank OMR 1500 Credit Retained earnings OMR1500 c. Debit Preference Dividend payable OMR 1500 Credit Bank OMR 1500 d. Debit Preference dividend payable OMR 1500 Credit Retained earnings OMR1500

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A: Formula: Share premium = Beginning share premium - Shares reacquired value

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A:

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A: Solution:- Preparation of journal entries for each of the following cases as follows:-

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A: Answer and calculations are given below

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A:

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