Pearland Inc.has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding.The common stock is $1.00 par value.The preferred stock has a $100 par value,a 5% dividend rate,and is noncumulative.On October 31,2015,the company declares dividends of $0.25 per share for common.Provide the journal entry for the declaration of dividends.

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The Answer of Pearland Inc.has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding.The common stock is $1.00 par value.The preferred stock has a $100 par value,a 5% dividend rate,and is noncumulative.On October 31,2015,the company declares dividends of $0.25 per share for common.Provide the journal entry for the declaration of dividends.