A corporation declares a dividend of $0.50 per share on 10,000 shares of common stock. Which of the following would be included in the entry to record the declaration?
A) Retained Earnings would be debited for $5,000.
B) Paid-In Capital in Excess of Par-Common would be credited for $5,000.
C) Retained Earnings would be credited for $5,000.
D) Dividends Payable-Common would be debited for $5,000.
Correct Answer:
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