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King Tut Corporation issued 6,800 shares of common stock, all of the same class; 3,600 shares are outstanding and 3,200 shares are held as treasury
King Tut Corporation issued 6,800 shares of common stock, all of the same class; 3,600 shares are outstanding and 3,200 shares are held as treasury stock. On December 1, 2019, King Tut's board of directors declares a cash dividend of $1.75 per share payable on December 15, 2019, to stockholders of record on December 10, 2019.
Required: Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blankStep by Step Solution
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