as Cactus Joe Corporation reported stockholders\' equity on January 1 of the cur

Question

as Cactus Joe Corporation reported stockholders' equity on January 1 of the current year as follows Common Stock, $5 par value, 1,000,000 shares authorized, 600,000 shares Paid-in Capital in Excess of Par Value, Common Stock, $1,025,000 Retained Earmings, S1,850,000. Prepare journal entries to record the following transactions cash dividend of $1.05 per common share was declared by the board of directors to stockholders of record on May 20, payable June 1 lay 20 date of record 1 Paid the cash dividend

Explanation / Answer

1-May Cash dividends 630000 =600000*1.05       Cash dividends payable 630000 20-May NO entry is required 1-Jun Cash dividends payable 630000        Cash 630000

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