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On January 1, the board of directors declared a $1.50 cash dividend per share to shareholders of record on February 15.
Posted: Thu May 19, 2022 3:25 pm
by answerhappygod
- On January 1 The Board Of Directors Declared A 1 50 Cash Dividend Per Share To Shareholders Of Record On February 15 1 (42.15 KiB) Viewed 83 times
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 declaration of the dividend is: Debit Retained Earnings for $9,000; Common Dividends Distributable for $9,000. O Debit Retained Earnings for $9.000; Common Dividends Payable for $9,000. Debit Cash $9,000; Credit Common Dividends Payable for $9,000. No journal entry required.