Bach,Inc.issued 800 shares of 8%,$80 par value,preferred stock for $80,000.The board of directors declared dividends on December 30,to be paid in January.What journal entry is necessary to record the payment of dividends?

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The Answer of Bach,Inc.issued 800 shares of 8%,$80 par value,preferred stock for $80,000.The board of directors declared dividends on December 30,to be paid in January.What journal entry is necessary to record the payment of dividends?

Bach,IncIssued 800 Shares of 8%,$80 Par Value,preferred Stock for $80,000