How do I solve this journal entry? ### Educational Resource on Dividend Declaration and PaymentA recent annual report for Malestrom Incorporated disclosed that the company declared and paid dividends on common stock in the amount of $1.80 per share. During the year, Malestrom had 1,017,000,000 authorized shares of common stock and 191,370,000 issued shares. There is no treasury stock.**Required:**Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends.**Instructions:**- If no entry is required for a transaction/event, select "No journal entry required" in the first account field.- Enter your answers in whole dollars, not in millions (i.e., use 1,000,000 not 1.0).#### Journal Entry Worksheet- **Transaction:** Record the declaration of dividends**Note:** Enter debits before credits.**Date:** February 20| Date | General Journal | Debit | Credit ||--------------|------------------------|--------|--------|| February 20 | | | || | | | || | | | || | | | |**Buttons:**- Record entry- Clear entry- View general journalUse this guide to understand how to record dividends in corporate financial records, focusing on entering the proper debits and credits to reflect dividend declarations and payments accurately. ### Transcription for Educational WebsiteA recent annual report for Malestrom Incorporated disclosed that the company declared and paid dividends on common stock in the amount of $1.80 per share. During the year, Malestrom had 1,017,000,000 authorized shares of common stock and 191,370,000 issued shares. There is no treasury stock.**Required:**Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends.**Note:** If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).---#### Journal Entry Worksheet1. **Record payment of dividends.****Note:** Enter debits before credits.| Date | General Journal | Debit | Credit ||-----------|-----------------|-------|--------|| March 01 | | | || | | | || | | | || | | | || | | | |**Buttons:**- Record entry- Clear entry- View general journalThis section guides the user through recording the necessary journal entries related to the dividend payment on March 1.

Dividend is amount of cash, shares and rewards that a company gives to its shareholders. A company's…

Required: Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).

Required: Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).

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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