Question
On April 1, 2020, Meriter Corporation declared a cash dividend of $5.00 per share on its 32,000 outstanding shares of common stock ($1 par). The
On April 1, 2020, Meriter Corporation declared a cash dividend of $5.00 per share on its 32,000 outstanding shares of common stock ($1 par). The dividend is payable on April 21, 2020, to stockholders of record on April 14, 2020.
Required: Prepare an journal entry for the declaration of dividends (April 1, 2020) and for the payment of dividends (April 21, 2020).
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Core Concepts Of Accounting Information Systems
Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman
11th Edition
9780470507025, 0470507020
