On July 23, Trimble Company declared a cash dividend totaling $80,000. Stockholders were notified that $15,000 of this dividend represented a liquidating dividend. At the time, the balance in Paid-In Capital in Excess of Par was $113,000.
Make the journal entries to record (1) the declaration and (2) the payment of this dividend.

Question

Quizplus · Accepted Answer

The Answer of On July 23, Trimble Company declared a cash dividend totaling $80,000. Stockholders were notified that $15,000 of this dividend represented a liquidating dividend. At the time, the balance in Paid-In Capital in Excess of Par was $113,000.
Make the journal entries to record (1) the declaration and (2) the payment of this dividend.

On July 23, Trimble Company Declared a Cash Dividend Totaling