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On April 10, Milo Corp. declared a cash dividend of $0.25 per share to stockholders of record on April 30. The dividend is payable on May 15. Milo had 200,000 shares of common stock authorized, 160,000 shares of common stock issued, and 157,000 shares of common stock outstanding on April 10.
-On April 10, Milo Corp. will record a(an)

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On April 10, Milo Corp. declared a cash dividend of $0.25 per share to stockholders of record on April 30. The dividend is payable on May 15. Milo had 200,000 shares of common stock authorized, 160,000 shares of common stock issued, and 157,000 shares of common stock outstanding on April 10.
-On April 10, Milo Corp. will record a(an)

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Milo Corp. will record a liability for $39,250 because the dividend is declared on 157,000 shares outstanding ($0.25 per share * 157,000 shares = $39,250). Dividends declared create a liability until they are paid.

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