Question

Question 3 A recent news story on 1 May 2019 reads as follows: The boards of directors of Wisconsin Energy Corporation (NYSE WEC) and Wisconsin Electric Power Company today declared quarterly dividends ne Wisconsin Energy board of directors today declared a quarterly cash dividend of 42.25 cents a share on the company's common stock. The number of shares outstanding is 105.51 million. The dividend is payable on July 8, 2019 based on the shareholders in its books as on May 31, 2019. (A) Identify: a) declaration date - b) ex-dividend date - c) holder-of-record date- d) payment date - (B) Journalize the transactions: Date Account Debit/Credit Amount Declaration date Payment date

Answer 1

a) Declaration Date: 01-May-19 b) Ex Dividend Date: 30-May-19 c) Holder-of-Record Date: 31-May-19 d) Payment Date: 08-Jul-19

(in Millions) Debit $4,457.798 Credit (105.51 million shares * $42.25 per share) Date Account - Declaration Date 01-May-19 Retained Earnings Dividends Payable (To record dividends declared) $4,457.798 Payment Date $4,457.798 08-Jul-19 Dividends Payable Cash (To record payment of dividends) $4,457.798