Driver Industries is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement: NEW BRITAIN, Connecticut-(BUSINESS WIRE)-October 15, 2019-Driver Industries (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $0.69 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 Tuesday, December 17, 2019, to shareholders of record as of the close of business on Friday, November 29, 2019. At the time of the press release, the company had 308 million shares authorized and 156.0 million outstanding. The par value for the company's stock is $2.50 per share. Required: 1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account. Assuming no other dividends were declared during the year, prepare the closing entry. (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
Driver Industries is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement: NEW BRITAIN, Connecticut-(BUSINESS WIRE)-October 15, 2019-Driver Industries (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $0.69 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 Tuesday, December 17, 2019, to shareholders of record as of the close of business on Friday, November 29, 2019. At the time of the press release, the company had 308 million shares authorized and 156.0 million outstanding. The par value for the company's stock is $2.50 per share. Required: 1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account. Assuming no other dividends were declared during the year, prepare the closing entry. (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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Driver Industries is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press
release contained the following announcement:
NEW BRITAIN, Connecticut-(BUSINESS WIRE)-October 15, 2019-Driver Industries (NYSE: SWK) announced today that its Board of
Directors approved a regular fourth-quarter cash dividend of $0.69 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 Tuesday, December 17, 2019, to shareholders of record as of the close of business on Friday, November 29,
2019.
At the time of the press release, the company had 308 million shares authorized and 156.0 million outstanding. The par value for the
company's stock is $2.50 per share.
Required:
1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends
account. Assuming no other dividends were declared during the year, prepare the closing entry. (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
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