Practice Problem

#4 CASH DIVIDENDS 2 journal entries 10 points 1-Dec The Board of Directors of India Star Company declared a cash dividend of $ .50 per share. Dividend is payable to shareholders on December 15 Date of record is December 7 Number of $1 par common shares outstanding 25,500 INSTRUCTIONS: Prepare the journal entries to declare the dividend and then pay it. Date Account Title Debit Credit