Lister Corporation has authorized 100,000 shares of $1 par value common stock, of which 80,000 are issued

Question:

Lister Corporation has authorized 100,000 shares of $1 par value common stock, of which 80,000 are issued and 70,000 are outstanding. On May 15, the board of directors declared a cash dividend of $.10 per share payable on June 15 to stockholders of record on June 1 . Prepare the entries, as necessary, for each of the three dates. SE-6

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