Question Details

Prepare the journal entries that should be made by Echota Corporation 



1
The stockholders' equity section of Echota Corporation at December 31, 2013, included the following:
	5% preferred stock, $100 par value, cumulative,
	10,000 shares authorized, 8,000 shares issued and outstanding		$   800,000
	Common stock, $10 par value, 250,000 shares authorized, 
	200,000 shares issued and outstanding 		$2,000,000
Dividends were not declared on the preferred stock in 2013 and are in arrears.
On September 15, 2014, the board of directors of Echota Corporation declared dividends on the preferred stock for 2013 and 2014, to stockholders of record on October 1, 2014, payable on October 15, 2014.

On November 1, 2014, the board of directors declared a $.75 per share dividend on the common stock, payable November 30, 2014, to stockholders of record on November 15, 2014.

Instructions
Prepare the journal entries that should be made by Echota Corporation on the dates indicated below:
	September 15, 2014	November 1, 2014
	October 1, 2014	November 15, 2014
	October 15, 2014	November 30, 2014




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