22.

The ending Retained Earnings balance of Lambert Inc. increased by $2.3 million from the beginning of the year. The company's net income earned during the year is $6.9 million. What is the amount of dividends Lambert Inc. declared and paid?

$4.6 million

$2.3 million

$9.2 million

$6.9 million

23.

The board of directors of Capstone Inc. declared a $.80 per share cash dividend on its $2 par common stock. On the date of declaration, there were 46,000 shares authorized, 21,000 shares issued, and 3,000 shares held as treasury stock. What is the entry for the dividend declaration?

Dividends	36,800
Dividends Payable		36,800

Dividends	14,400
Cash		14,400

Dividends	14,400
Dividends Payable		14,400

Dividends	16,800
Cash		16,800