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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381 Exercise 57
Cash Dividend Journal Entries
Gammon, Inc., declared dividends during the current year as follows:
• The current year's cash dividend on the 6 percent, $100 par value preferred stock.00,000 shares were outstanding at the time of the declaration.
• A cash dividend of $0.75 per share on the $10 par value common stock.50,000 shares were outstanding at the time of the declaration.
Prepare the general journal entries to record the declaration and payment of these dividends, assuming the declaration is recorded directly to retained earnings.
Gammon, Inc., declared dividends during the current year as follows:
• The current year's cash dividend on the 6 percent, $100 par value preferred stock.00,000 shares were outstanding at the time of the declaration.
• A cash dividend of $0.75 per share on the $10 par value common stock.50,000 shares were outstanding at the time of the declaration.
Prepare the general journal entries to record the declaration and payment of these dividends, assuming the declaration is recorded directly to retained earnings.
Explanation
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Cash Dividends
The cash received by an ...
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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