Blowing Rock Inc. has 5,000 shares of 5%, $100 par value, cumulative preferred stock

| March 31, 2017

Question
Blowing Rock Inc. has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 30,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2012. The board of directors declares and pays a $45,000 dividend in 2013 and in 2014. What is the amount of dividends received by the common stockholders in 2014?

The book gave the answer of $15,000.

Please provide Journal entry as to how to figure this out. So I can visually see what I’m debiting and crediting. etc.

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