Company X has 12 million shares of common shares authorized with a par value of $3 and a market price of $116.Seven million shares are outstanding.The company declares a 12' dividend.Prepare the journal entry and show the effect on assets,liabilities,and shareholders' equity at the time of declaration and at the time of payment.

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The Answer of Company X has 12 million shares of common shares authorized with a par value of $3 and a market price of $116.Seven million shares are outstanding.The company declares a 12' dividend.Prepare the journal entry and show the effect on assets,liabilities,and shareholders' equity at the time of declaration and at the time of payment.

Company X Has 12 Million Shares of Common Shares Authorized