On December 31, 2016, the board of directors of Indiana Corporation voted to appropriate $100,000 of retained

Question:

On December 31, 2016, the board of directors of Indiana voted to appropriate $100,000 of retained earnings each year for five years to establish a reserve for contingencies. Give the general journal entry on December 31, 2016, to record the appropriation.
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...