Show solution for dividend allocation Given the adjusted trial balance of two years 2019

2018

Debit Credit Debit Credit

5% Preference share capital, $100 par $ 7,100,000 $ 6,700,000

Ordinary share capital, $5 par $10,000,000 $ 9,400,000

Preference shares are cumulative and non-participating.

Dividends were declared last December 23, 2018, and were distributed to shareholders last January 20, 2019.

Dividends were declared last December 27, 2019, and for distribution to shareholders on February 3, 2020

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