In February, 2013, Galligan's declared cash dividends of $12 million to be paid in April of that
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Question:
In February, 2013, Galligan's declared cash dividends of $12 million to be paid in April of that year. What effect did the April transaction have on Galligan's accounts?
| Decreased assets and liabilities |
| Decreased assets and shareholders' equity. |
| Increased liabilities and decreased shareholders' equity |
| None of the above is correct |
Expert Answer:
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