Wildhorse Corporation has 11.80 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 82 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. How would the entries differ if the dividend were a liquidating dividend?
a | ||||
Debit | Credit | |||
June 1 | Retained Earnings | 9676000 | =11800000*0.82 | |
Dividends Payable | 9676000 | |||
June 14 | No Entry | 0 | ||
No Entry | 0 | |||
June 30 | Dividends Payable | 9676000 | ||
Cash | 9676000 | |||
b | ||||
Debit | Credit | |||
June 1 | Paid-in Capital in Excess of par value-Common Stock | 9676000 | ||
Dividends Payable | 9676000 | |||
June 14 | No Entry | 0 | ||
No Entry | 0 | |||
June 30 | Dividends Payable | 9676000 | ||
Cash | 9676000 |
Wildhorse Corporation has 11.80 million shares of common stock issued and outstanding. On June 1, the...
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