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Dabrowski, Inc. issued 7,300 shares of common stock, all of the same class; 4,100 shares are outstanding and 3,200 shares are held as treasury stock. On December 1, 2019, Dabrowski's board of directors declares a cash dividend of $1.75 per share payable on December 15, 2019, to stockholders of record on December 10, 2019. Required: Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.

Dabrowski, Inc. issued 7,300 shares of common stock, all of the same class; 4,100 shares are outstanding and 3,200 shares are held as treasury stock. On December 1, 2019, Dabrowski's board of directors declares a cash dividend of $1.75 per share payable on December 15, 2019, to stockholders of record on December 10, 2019. Required: Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.

FINANCIAL ACCOUNTING
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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Cash Dividends

Dabrowski, Inc. issued 7,300 shares of common stock, all of the same class; 4,100 shares are outstanding and 3,200 shares are held as treasury stock. On December 1, 2019, Dabrowski's board of directors declares a cash dividend of $1.75 per share payable on December 15, 2019, to stockholders of record on December 10, 2019.

Required:

Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.

 

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