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Business, 14.05.2021 03:20 bluetopaz447

During 2020, Bayside Inc. has 9% cumulative non-participating preferred stocks with a total par value of $300,000 and common stocks with a total par value of $100,000. On December 14, 2020, the company declared cash dividends of $16,000. Dividends were distributed on January 16, 2021. On December 12, 2021, the company declared cash dividends of $62,000. Dividends were distributed on January 15, 2022. Required: Prepare all necessary journal entries related to the dividend activity above (both preferred and common).

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