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Sandhill corporation has 12.10 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 85 cent per share

Sandhill corporation has 12.10 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 85 cent per share cash dividend for stockholders of record as of June 14, payable June 30.

Prepare the journal entries for each of the following dates above assuming the dividend represent a distribution of earnings.

How would the entries differ if the dividend were a liquidating dividend?

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