Ch. 11 Prob x c ezto.mheducation.com/hm.tpx ::: Apps ? Bookmarks D B Blackboard
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Question
Ch. 11 Prob x c ezto.mheducation.com/hm.tpx ::: Apps ? Bookmarks D B Blackboard M McGraw-Hill Connect b Pearson OM D MACRO D Maple Just 11 Really Helpfu @GMU Account GMU Parking os Mason Mail Other bookmarks 10.00 points E11-20 Recording the Payment of Dividends LO11-3, 11-4 A recent annual report for Malestrom Inc., disclosed that the company declared and paid dividends on common stock in the amount of $1.60 per share. During the year, Malestrom had 1,015,000,000 authorized shares of common stock and 191,350,000 issued shares. There is no treasury stock. Required Assume Malestrom declared the entire dividend ($1.60 per share) on February 20 and subsequently paid the dividend on March 1. Prepare a journal entry to record the declaration and payment of dividends.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not View transaction list View journal entry worksheet No Date General Journal Debit Credit 1February 20 Retained earnings Dividends payable 2March 01 Dividends payable Cash 6:53 PM O Type here to search 4/26/2018Explanation / Answer
Journal entry :
Date accounts & explanation debit credit Feb 20 Cash dividend (191350000*1.6) 306160000 Dividend payable 306160000 (To record dividend declared) Mar 1 Dividend payable 306160000 Cash 306160000 (To record dividend paid)