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On October 27, the board of directors of Baxter Company declared a $.25 per share dividend. The dividend is payable to shareholders of record on

On October 27, the board of directors of Baxter Company declared a $.25 per share dividend. The dividend is payable to shareholders of record on November 7 on November 24. Baxter has 20,000 shares of $1 par common stock outstanding at October 27. Journalize the entries needed on the declaration and payment dates.

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