(Answered) Del mare inc earned net income of 210000 during the year

Finance

Del Mare Inc. earned net income of $210,000 during the year ended December 31, 2012. On December 15, 2012, Del Mare Inc. declared the annual cash dividend on its 3% preferred stock (total par value, $170,000) and a $0.80 per share cash dividend on its common stock (95,000 shares outstanding). Del Mare Inc. then paid the dividends on January 4, 2013.

Required:

Journalize for Del Mare Inc.

a. Declaring the cash dividends on December 15, 2012

b. Paying the cash dividends on January 4, 2013.

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