On February 1, 2018, Happy Inc. declares a $1.50 per share cash dividend to shareholders of...
On February 1, 2018, Happy Inc. declares a $1.50 per share cash dividend to shareholders of record on February 15, 2018 that will be paid on March 1, 2018. Happy Inc. has 40,000 common shares authorized with 30,000 shares issued and outstanding.
a) Prepare the journal entry, if any, for February 1, 2018
b) Prepare the journal entry, if any, for February 15, 2018
c) Prepare the journal entry, if any, for March 1, 2018
Homework Answers
| Feb 1 | Retained earnings | 45,000 | |
| Dividends payable | 45,000 | ||
| (30,000*1.50) | |||
| Feb 15 | No entry | ||
| Mar 1 | Dividends payable | 45,000 | |
| Cash | 45,000 | ||
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