On August 1, 2020, Fickle Feline Inc. declared $184,000 of dividends payable to shareholders on August 15, 2020. There are 25,100 common shares and 2,500, $3 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Fickle Feline Inc. had retained earnings of $2,292,000 at the beginning of 2020 and earned a net income of $636,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on August 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 Record dividend payable Aug 28 Record payment of dividend declared on Aug 1

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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.