Answer Happy

On January 1, the board of directors declared a $1.50 cash dividend per share to shareholders of record on February 15. The dividend declared on January 1 was paid on February 28. The company has 6,000 shares of issued and outstanding common stock with a $20 par value. The journal entry to record the tanscction on the date of record is: a Debit Cash $9,000; Credit Common Dividends Payable for $9,000. O Debit Retained Earnings for $9,000; Common Dividends Payable for $9,000. O Debit Common Dividends Payable for $9,000; Retained Earnings for $9,000. O No journal entry required.
A company changes from percentage-of-completion to completed-contract method, which is used for tax purposes. The entry to record this change should include a credit to Deferred Tax Liability. O debit to Loss on Long-term Contracts in the amount of the difference on prior years, net of tax. O debit to Construction in Process. debit to Retained Earnings in the amount of the difference on prior years, net of tax.
Fleming Company has the following cumulative taxable temporary differences: 12/31/21 12/31/20 $1,600,000 $2,250,000 The tax rate enacted for 2021 is 30%, while the tax rate enacted for future years is 20%. Taxable income for 2021 is $4,000,000 and there are no permanent differences. Fleming's pretax financial income for 2021 is O $2,400,000 $4,325,000 O $3,350,000 $5,600,000