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What is the journal entry to record the declaration

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Reference no: EM133017872

Question - Nutritious Pet Food Company's board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 3,000 shares of $5 par value 5% preferred stock outstanding and 7,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend?

Reference no: EM133017872

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