Solution for QID #7033: GlensideCorporationearned net income of $97,000 during the y | StudyHelpMe

Glenside Corporation earned net income of $97,000 during the year ended December 31, 2014. On December 15, Glenside declared the annual cash dividend on its 6% preferred stock (20,000 shares with total par value of $200,000) and a $0.14 per share cash dividend on its common stock (36,000 shares with total par value  of $360,000). Glenside then paid the dividends on January 4, 2015. Journalize the following for Glenside Corporation: a. Declaring the cash dividends on December 15, 2014 b. Paying the cash dividends on January 4, 2015 Did Retained Earnings increase or decrease during 2014? By how much?