Question: Metzler Design Ltd. has the following information regarding its preferred and common shares:
Preferred shares, $50 stated value, 10% cumulative; unlimited shares authorized; 100,000 shares issued and outstanding.
Common shares, no par; unlimited shares authorized; 800,000 shares issued and outstanding.
As of December 31, 2018, Metzler was two years in arrears on its dividends. During 2019, Metzler declared and paid dividends. As a result, the common shareholders received dividends of $0.60 per share.
Q1. What was the total amount of dividends declared and paid?
Q2. What journal entry was made at the date of declaration?
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