Undy Corporation has 1,000,000 authorized shares of s20 par value common stock.

Question

Undy Corporation has 1,000,000 authorized shares of s20 par value common stock. As of June 30, indecate the accounts increased or eecresed on (e) the date of declaration, 2017, there were 600,000 shares issued and outstanding. On June 30, 2017, the board of directors declared a $0.50 per share cash dividend to be paid on August 1, 2017 (b) the date of record, and (e) the date of payment. (If no entry is required, select "No Entry"for the account required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles Increase/Decrease Amount Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Journal entry :

No Account titles increase/decrease Amount (a) Retained earnings Decrease 300000 Dividend payable Increase 300000 (b) No entry None 0 No entry None 0 (c) Dividend payable Decrease 300000 Cash Decrease 300000

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