Question: Pine Corporation secured authorization from the state for 100,000 shares of $10 par value common stock. It has 40,000 shares issued and 35,000 shares outstanding.

Pine Corporation secured authorization from the state for 100,000 shares of $10 par value common stock. It has 40,000 shares issued and 35,000 shares outstanding. On June, 5 the board of directors declared a $0.25 per share cash dividend to be paid on June 25 to stockholders of record on June 15. Prepare entries in T accounts to record these events.

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