Determine the amount of dividends to be paid

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Question - Kis corp. declared $35,000 in dividends in 2014. Share capital consist of 1100 common shares and 3,700, $2 Cumulative preferred shares. The last time dividends were paid on the preferred share was December 1, 2011.

Required -

a) Determine the amount of dividends to be paid on the preferred shares in common shares.

b) Put together the necessary journal entries related to the dividends assuming declared on November 1 for shareholders on record November 15 and paid on December 1, 2014.

Reference no: EM132983607

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