Loeb Corporation

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On January 5, 2016, Loeb Corporation issued 80,000 shares of 6% cumulative preferred stock with a par value of $75. On April 1, 2016, Loeb declared a dividend on its preferred stock, payable April 30, 2016, to stockholders of record on April 20. The following entry would be made on the payment date:

Dividends Payable

$360,000

TRUE

FALSE

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