On March 1, 2014 Garrison, Incorporated declared the annual cash dividend on its 1,500 outstanding shares of $5 par value, 5% noncumulative preferred stock. The dividend will be paid on May 1, 2014, to the stockholders of record as of April 1, 2014.
What effect will payment of the dividend on May 1 have on Garrison's financial statements?

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The Answer of On March 1, 2014 Garrison, Incorporated declared the annual cash dividend on its 1,500 outstanding shares of $5 par value, 5% noncumulative preferred stock. The dividend will be paid on May 1, 2014, to the stockholders of record as of April 1, 2014.
What effect will payment of the dividend on May 1 have on Garrison's financial statements?

On March 1, 2014 Garrison, Incorporated Declared the Annual Cash