QUESTION 17

1. The board of directors of Moog Inc. declared a cash dividend of $0.40 per share on December 1. The company has 275,000 shares of common stock authorized, 150,000 shares issued and 145,000 shares outstanding. What is the entry that Moog Inc. needs to record on the date of record?

   	a.	Dr. Retained Earnings $58,000 Cr. Dividends $58,000
   	b.	Dr. Dividends $58,000 Cr. Dividends Payable $58,000
   	c.	Dr. Dividends Payable $58,000 Cr. Cash $58,000
   	d.	No entry is required.