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Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of directors declared a 1 5 % common share dividend
Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of directors declared a common share
dividend on June distributable on July Because performance during was better than expected, the
company's board of directors declared a $ per share cash dividend on November payable on December to
shareholders of record on November The equity section of Pacifica's December balance sheet showed:shares issued and outstanding $
Retained earnings Required:
Journalize the declaration of the share dividend. The market prices of the shares were $ on June and $ on July
Assume share dividends account is used when dividends are declared.
Journal entry worksheet
Record the share dividends declared.
Note: Enter debits before credits. Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared.
Journal entry worksheet
Record the cash dividends declared. Prepare the equity section of the balance sheet at December assuming profit earned during the year was $
Journalize the decli
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