King Tut Corporation has issued 7,000 shares of common stock, all of the same class; 3,800 shares

Question:

King Tut Corporation has issued 7,000 shares of common stock, all of the same class; 3,800 shares are outstanding and 3,200 shares are held as treasury stock. On December 1, 2009, King Tut's board of directors declares a cash dividend of $1.75 per share payable on December 15, 2009, to stockholders of record on December 10, 2009.

Required:

Provide the appropriate journal entries for the date of declaration, date of record, and 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...