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.
Homework Answers
| 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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