Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016.
On December 15, Frenchroast declared the annual cash dividend on its 2% preferred stock (par value, $128,000) and a $0.75 per share cash dividend on its common stock (65,000 shares).
Frenchroast then paid the dividends on January 4, 2017.
1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016.
2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017.
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