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A corporation's board of directors declared a $50,000 cash dividend on Feb. 1, payable on Feb. 28, to shareholders of record on Feb. 15. Prepare

A corporation's board of directors declared a $50,000 cash dividend on Feb. 1, payable on Feb. 28, to shareholders of record on Feb. 15.

Prepare the appropriate journal entries. (Omit explanations).

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