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Major Company is authorized to issue 10,000 shares of common stock and has 7,000 shares outstanding. On September 1, the company declared a $0.25 per

Major Company is authorized to issue 10,000 shares of common stock and has 7,000 shares outstanding. On September 1, the company declared a $0.25 per share cash dividend. On September 30, the company paid the dividend. The September 30 journal entry to record the dividend payment is as follows:

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