During 20B,Washington Corporation made the following journal entry to record the declaration and payment of a cash dividend:
The total values of common and preferred shares outstanding were $70,000 and $40,000,respectively.No dividends were declared or paid during 20A.There are 1,000 common treasury shares.
(a)If the preferred shares are noncumulative,the current dividend rate on the preferred shares was ________%.
(b)If the preferred shares are cumulative,the current dividend rate on the preferred shares was ______%.

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The Answer of During 20B,Washington Corporation made the following journal entry to record the declaration and payment of a cash dividend:
The total values of common and preferred shares outstanding were $70,000 and $40,000,respectively.No dividends were declared or paid during 20A.There are 1,000 common treasury shares.
(a)If the preferred shares are noncumulative,the current dividend rate on the preferred shares was ________%.
(b)If the preferred shares are cumulative,the current dividend rate on the preferred shares was ______%.

During 20B,Washington Corporation Made the Following Journal Entry to Record