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Journalize each of the transactions

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Question - Pearl Ltd. issues 8,000, $5 cumulative preferred shares at $62 each and 15,000 common shares at $30 each at the beginning of 2019. Each preferred share is convertible into two common shares. During the years 2020 and 2021, the following transactions affected Pearl's shareholders' equity accounts:

2020

Jan. 10 Paid $13,000 of annual dividends to preferred shareholders.

2021

Jan. 10 Paid annual dividend to preferred shareholders and a $3,100 dividend to common shareholders.

Mar. 1 The preferred shares were converted into common shares.

Required - Journalize each of the transactions.

Reference no: EM132564048

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