Question

Crane Corporation has 70,000 shares of common stock outstanding.


Crane Corporation has 70,000 shares of common stock outstanding. It dedares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. 


Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. 

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Date Accounts Title and explanation Debit Credit
Nov 1 Retained Earnings 70000
     Dividends Payable 70000
(To record decleration of Dividends)
Dec 1 Dividends Payable 70000
     Cash 70000
(To record payment of Dividends)
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