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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
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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### Educational Resource on Dividend Declaration and Payment A 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 journal Use 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.
Transcribed Image Text:### Educational Resource on Dividend Declaration and Payment A 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 journal Use 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 Website A 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 Worksheet 1. **Record payment of dividends.** **Note:** Enter debits before credits. | Date | General Journal | Debit | Credit | |-----------|-----------------|-------|--------| | March 01 | | | | | | | | | | | | | | | | | | | | | | | | **Buttons:** - Record entry - Clear entry - View general journal This section guides the user through recording the necessary journal entries related to the dividend payment on March 1.
Transcribed Image Text:### Transcription for Educational Website A 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 Worksheet 1. **Record payment of dividends.** **Note:** Enter debits before credits. | Date | General Journal | Debit | Credit | |-----------|-----------------|-------|--------| | March 01 | | | | | | | | | | | | | | | | | | | | | | | | **Buttons:** - Record entry - Clear entry - View general journal This section guides the user through recording the necessary journal entries related to the dividend payment on March 1.
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