Johnson Corporation decided to pay a dividend of $ 2.00 per share. The corporation has 2,500,000 shares

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Johnson Corporation decided to pay a dividend of $ 2.00 per share. The corporation has 2,500,000 shares authorized, 800,000 shares issued, and 750,000 shares outstanding on the date of declaration. Make the entries necessary for the dividend on the following dates:
• June 15, 2010 Date of declaration
• July 15, 2010 Date of record
• August 1, 2010 Date of payment
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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