On November 23 Wheelhouse Entertainment declares a $180000 dividend. Wheelhou

On November 23 Wheelhouse Entertainment declares a $180000 dividend. Wheelhouse%u2019s common stock has a $6 par value and 65000 shares outstanding. Its
preferred stock is 4% $11 par and 30000 shares outstanding. Cope did not pay dividends for two years prior to the current year. The dividend is to be paid
on December 31.

a. Prepare the journal entries for the declaration and payment of the dividend if the preferred stock is cumulative. Hint: Determine the preferred stock
payment first. Enter your answers in the shaded boxes.

b. Prepare the journal entries for the declaration and payment of the dividend if the preferred stock is noncumulative. Hint: Determine the preferred
stock payment first. Enter your answers in the shaded boxes.