Reference no: EM132554777
Bueno Corporation has 15,500 shares of $4, cumulative preferred shares outstanding as well as 80,000 common shares. There are no dividends in arrears on the preferred shares.
The following transactions were reported during December 2014:
Dec.
1 Declared the required dividend on the preferred shares and a $0.75 per share dividend on the common shares.
14 The date of record for the dividend declared on December 1.
28 Paid the dividend declared on December 1.
31 Closed out the income summary account. Net income for the year was $345,000.
Question a) Prepare journal entries to record the above transactions.
Question b) Assuming the balance of retained earnings on January 1, 2014, was $49,800, determine the balance of retained earnings on December 31, 2014.
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