Question
LIQUIDATING DIVIDENDS 2 journal entries ABC Company declared a dividend of $300,000 payable on October 1. Of the $300,000, $60,000 is a return of capital.
LIQUIDATING DIVIDENDS
2 journal entries ABC Company declared a dividend of $300,000 payable on October 1. Of the $300,000, $60,000 is a return of capital. The stock has a $2 par value. Instructions:
Prepare the September 1 and October 1 entries for ABC.
Please show explanations*
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Financial Accounting Tools For Business Decision Making
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
8th Edition
1119316022, 978-1119316022
