Blossom Mining Co. has retained earnings of $1,470,000, accumulated depletion on its one mine of $2.240,000, and paid in capital in excess of par of $4,134,000. Blossom board of directors approves a liquidating dividend of $3.60 per share on its 497,000 shares of outstanding stock Create the journal entry for the payment of the liquidating dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List debit entry before credit entry)
Blossom Mining Co. has retained earnings of $1,470,000, accumulated depletion on its one mine of $2.240,000, and paid in capital in excess of par of $4,134,000. Blossom board of directors approves a liquidating dividend of $3.60 per share on its 497,000 shares of outstanding stock Create the journal entry for the payment of the liquidating dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List debit entry before credit entry)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Blossom Mining Co. has retained earnings of $1,470,000, accumulated depletion on its one mine of $2.240,000, and paid in capital in
excess of par of $4,134,000. Blossom board of directors approves a liquidating dividend of $3.60 per share on its 497,000 shares of
outstanding stock
Create the journal entry for the payment of the liquidating dividend. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry
before credit entry)
Account Titles and Explanation
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