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Current Attempt in Progress Massawippi Co. has 9 million authorized common shares. The company has issued 43 million but due to some share repurchases and
Current Attempt in Progress Massawippi Co. has 9 million authorized common shares. The company has issued 43 million but due to some share repurchases and cancellations, only 4.1 million were outstanding at the beginning of 2020. Massawippi pays dividends of $0.27 par quarter on March 31, June 30. September 30, and December 31 each year. The dividends are declared at the monthly board meeting in the same month that they are paid. The board mests on the 1st of each month. The date of record is the 15th of the month and the shares trade ex-dividend on the 13th. Prepare all journal entries, including dates, related to the dividends for Massawippi for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required select "No Entry for the account titles and enter for the amounts.) Date Debit Credit Account and explanation Retained Earnings March 1 Dividenda Payable March 31 Dividenda Payable June 1 Retained Earnings Dividends Payable June 30 Dividends Payable Sep 1 Retained Earnings Dividenda Puyable Sep 30 Dividenda Payable Dec. 1 re Dividenda Payable Dec 31
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