Homework Answers
(b)
Journal
| Date | Account title | Debit | Credit |
| June 1 | Additional paid in capital | 10,115,000 | |
| Dividend payable | 10,115,000 | ||
| June 30 | Dividend payable | 10,115,000 | |
| Cash | 10,115,000 |
Dividend payable = 11.90 x 1,000,000 x 0.85
= $10,115,000
No entry is made on the record date.
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