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Brief Exercise 8-16 Your answer is partially correct. Try again. Marigold Corp. has 7,800 shares of common stock outstanding.Marigold Corp. has 7,800 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.

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--Declaration will increase Dividend payable (a liability) and Retained earnings gets decreased.

--When dividend is paid, liability is reduced and cash gets paid.

Cash Dividend Payable Paid in Capital Revenues Expenses Dividends
Nov-01 $0 $7,800 $0 $0 $0 ($7,800)
Dec-31 ($7,800) ($7,800) $0 $0 $0 $0
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