Hh6. Bond Company had the following amounts in equity before issuing its annual dividend.Ordinary share (35000 shares)$ 390000Retained earnings$ 440000Bond has decided to issue a 5 per cent share dividend simultaneously with a $1 per share cash dividend. The date ofdeclaration is 12 November, and the payment date is 29 November.Prepare all journal entries necessary to record the declaration and payment of dividends. Assume that the share wastrading for $10 on the date of declaration and $12 on the date of payment. Also, assume the cash dividends were not paidon the additional shares from the share dividend.PLEASE SHOW ALL STEPS AND WORKING OUT

Lets understand the basics. Dividend is declared by the entity in order to provide return on their…

Answered: Bond Company had the following amounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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