a) On February 1, 2020 Adam Enterprises declared a dividend of $4,300 to common shareholders on record on February 4, 2020. Record the journal entry associated with this transaction. The company uses the retained earnings account to record dividends. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Feb 1 Record dividend payable b) Record the journal entry when Adam Enterprises pays out the dividend on March 14, 2020. Date Account Title and Explanation Debit Credit Mar 14

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.