On May 8, the board of directors of Park Corporation declared a dividend, payable on June 5,
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On May 8, the board of directors of Park Corporation declared a dividend, payable on June 5, to stockholders of record on May 17. On May 10, James sold his capital stock in Park Corporation directly to Benton for \(\$ 20,000\), endorsing his stock certificate and giving it to Benton. Benton placed the stock certificate in her safe. On May 30, Benton sent the certificate to the transfer agent of Park Corporation for transfer. Who received the dividend? Why?
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Related Book For 
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards
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