The equity section of Foley Corporation at December 31, 2013, included the following:
4% Share capital-preference, $100 par value, cumulative,
10,000 shares authorized, 8,000 shares issued and outstanding $ 800,000
Share capital-ordinary, $10 par value, 250,000 shares
authorized, 200,000 shares issued and outstanding 2,000,000
Dividends were not declared on the preference shares in 2013 and are in arrears.
On September 15, 2014, the board of directors of Foley Corporation declared dividends on the preference shares for 2013 and 2014, to shareholders of record on October 1, 2014, payable on October 15, 2014.
On November 1, 2014, the board of directors declared a $.90 per share dividend on the ordinary shares, payable November 30, 2014, to shareholders of record on November 15, 2014.
Instructions
Prepare the journal entries that should be made by Foley Corporation on the dates indicated below:

Question

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The Answer of The equity section of Foley Corporation at December 31, 2013, included the following:
4% Share capital-preference, $100 par value, cumulative,
10,000 shares authorized, 8,000 shares issued and outstanding $ 800,000
Share capital-ordinary, $10 par value, 250,000 shares
authorized, 200,000 shares issued and outstanding 2,000,000
Dividends were not declared on the preference shares in 2013 and are in arrears.
On September 15, 2014, the board of directors of Foley Corporation declared dividends on the preference shares for 2013 and 2014, to shareholders of record on October 1, 2014, payable on October 15, 2014.
On November 1, 2014, the board of directors declared a $.90 per share dividend on the ordinary shares, payable November 30, 2014, to shareholders of record on November 15, 2014.
Instructions
Prepare the journal entries that should be made by Foley Corporation on the dates indicated below:

The Equity Section of Foley Corporation at December 31, 2013