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pls answer section B Question 6 Pearl Corporation has 10.60 million shares of common stock issued and outstanding. On June 1, the board of directors
pls answer section B
Question 6 Pearl Corporation has 10.60 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 73 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Your answer is correct. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 6/1 Retained Earnings 7738000 Dividends Payable 7738000 6/14 No Entry 0 No Entry [6/30 Dividends Payable 7738000 Cash 7738000 Click if you would like to Show Work for this question: Open Show Work you will earn points according to the Potential policy set by your instructor (b) How would the entries differ if the dividend were a liquidating dividend? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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