Answer | ||||
(a) | ||||
Date | Accounts Titles and explanation | Debit $ | Credit $ | |
Jun-01 | Retained Earnings | $9,085,000 | 11500000*0.79 | |
Dividends Payable | $9,085,000 | |||
(To record dividend declared) | ||||
Jun-14 | No entry | $ - | ||
No entry | $ - | |||
Jun-30 | Dividends Payable | $9,085,000 | ||
Cash | $9,085,000 | |||
(To record dividend paid) | ||||
(b) | ||||
Jun-01 | Paid in Capital in excess of par-Common Stock | $9,085,000 | 11500000*0.79 | |
Dividends Payable | $9,085,000 | |||
(To record dividend declared) | ||||
Jun-14 | No entry | $ - | ||
No entry | $ - | |||
Jun-30 | Dividends Payable | $9,085,000 | ||
Cash | $9,085,000 | |||
(To record dividend paid) | ||||
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