connect TIN HW11 Question 5 (of 15) 5. 1.50 points value Barney is a leading glo

Question

connect TIN HW11 Question 5 (of 15) 5. 1.50 points value Barney is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement NEW BRITAIN, Conn-(BUSINESS WIRE) Feb. 18, 2014-Barney (NYSE: BYC) announced today that its Board of Directors approved a regular first-quarter cash dividend of S0.50 per common share. This extends the company's record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on 18, 2014, to shareholders of record as of the close of business on Wednesday. March 5,2014 Tuesday, March At the time of the press release, the company had 304 million shares authorized and 155 4 milion outstanding. The par value for the company's stock is $2.50 per share Required: 1. Prepare journal entries as appropriate for each of the three dates mentioned above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars not in millions.) View transaction list Journal entry worksheet Record the declaration of a cash dividend of $o.50 per share payable on the 155.40 million shares of stock outstanding. ace

Explanation / Answer

1 a Decleration of Cash Dividend of $0.50 Per share on 155.40 shares outstanding Date Account Title Debit Credit Feb 18,2014 Dividend Declared         7,77,00,000 Dividend Payable         7,77,00,000 b. Record the entry on the date of record Date Account Title Debit Credit March 5, 2014 NO ENTRY ALL ON STOCKHOLDER LIST AS OF THIS DATE WILL RECEIVE A DIVIDEND c. Payment of Dividend Date Account Title Debit Credit March 18,2014 Dividend Payable         7,77,00,000 Cash         7,77,00,000 2 Entry to close the dividend account, assumed no other dividend declared during the year Tansaction Account Title Debit Credit 1 Retained Earning         7,77,00,000 Dividend declared         7,77,00,000

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