16 Jan Greentea Corporation earned net income of $95,000
Greentea Corporation earned net income of $95,000 during the year ended December 31, 2010. On December 15, Greentea declared the annual cash dividend on its 6% preferred stock (11,000 shares with total par value of $110,000) and a $1.00 per share cash dividend on its common stock (45,000 shares with total par value of $450,000). Greentea then paid the dividends on January 4, 2011.Journalize for Greentea Corporation:a. Declaring the cash dividends on December 15, 2010.b. Paying the cash dividends on January 4, 2011.Did Retained Earnings increase or decrease during 2010? By how much?View Solution: Greentea Corporation earned net income of 95 000 during the yea
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