Help preparing Journal Entries..?

ABC Corporation has 650,000 shares of common stock of which 80,000 shares were issued at $20 a share on June 2, 2011. The Board of Directors voted on November 17, 2011 to pay a $1.20 per share dividend on December 12, 2011. The ABC Corporation had Stockholder's Equity of $3,440,000 on December 31, 2010 and ending Stockholder's equity on December 31, 2011 of $5,373,000.

1) Please present the journal entry require on November 17

2) Pleas present the journal entry required on December 12

2 Answers

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  • kapn
    Lv 7
    10 years ago
    Favorite Answer

    293.22

    478.33

    post these..............

  • JKRB
    Lv 7
    10 years ago

    1) Please present the journal entry require on November 17

    650,000 x 1.20 = 780,000

    Dr Cash Dividends 780,000

    Cr Dividends Payable 780,000

    2) Please present the journal entry required on December 12

    Dr Dividends Payable 780,000

    Cr Cash 780,000

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