Homework Answers
Answer:
Dividend per Share = $5.25
Number of Common Stock outstanding = 22,000
Dividend Payable on declaration = 22,000 * $5.25
Dividend Payable on declaration = $115,500
On declaration of Dividend, Dividend Expense are recorded by debiting and Dividend Payable (Liability) is increased by crediting. Therefore, the Journal entry to record the transaction is:
Cash
Dividends
115,500
Dividend Payable –
Common
Stock
115,500
Add Answer to:
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