The shareholders' equity section of Starr Corporation at December 31, 2017, included the following: Dividends were not declared on the preferred shares in 2017 and are in arrears.On September 15, 2018, the board of directors declared dividends on the preferred shares for 2017 and 2018, to shareholders of record on October 1, 2018, payable on October 15, 2018.On November 1, 2018, the board of directors declared a $0.50 per share dividend on the common shares, payable November 30, 2018, to shareholders of record on November 15, 2018.InstructionsPrepare the journal entries that should be made by Starr Corporation on the following dates in 2018: September 15, October 1, October 15, November 1, November 15, and November 30. If no entry is needed write "No entry required."

Question

The shareholders' equity section of Starr Corporation at December 31, 2017, included the following:  Dividends were not declared on the preferred shares in 2017 and are in arrears.On September 15, 2018, the board of directors declared dividends on the preferred shares for 2017 and 2018, to shareholders of record on October 1, 2018, payable on October 15, 2018.On November 1, 2018, the board of directors declared a $0.50 per share dividend on the common shares, payable November 30, 2018, to shareholders of record on November 15, 2018.InstructionsPrepare the journal entries that should be made by Starr Corporation on the following dates in 2018: September 15, October 1, October 15, November 1, November 15, and November 30. If no entry is needed write "No entry required."

Quizplus · Accepted Answer

The Answer of The shareholders' equity section of Starr Corporation at December 31, 2017, included the following:  Dividends were not declared on the preferred shares in 2017 and are in arrears.On September 15, 2018, the board of directors declared dividends on the preferred shares for 2017 and 2018, to shareholders of record on October 1, 2018, payable on October 15, 2018.On November 1, 2018, the board of directors declared a $0.50 per share dividend on the common shares, payable November 30, 2018, to shareholders of record on November 15, 2018.InstructionsPrepare the journal entries that should be made by Starr Corporation on the following dates in 2018: September 15, October 1, October 15, November 1, November 15, and November 30. If no entry is needed write "No entry required."

The Shareholders' Equity Section of Starr Corporation at December 31