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WPW Robotics Inc. was organized on January 1, 2019, with 490,000 shares authorized; 240,000 shares were issued on January 5, 2019, WPW Robotics Inc. earned
WPW Robotics Inc. was organized on January 1, 2019, with 490,000 shares authorized; 240,000 shares were issued on January 5, 2019, WPW Robotics Inc. earned $250,000 during 2019 and declared a dividend of $ 0.28 per share on December 16, 2019, payable to shareholders on January 6, 2020.
a. Journalize the declaration and payment of the dividend.
b. Compute the balance of Retained Earnings on December 31, 2019.
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