The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 common stock authorized, 20,000 stocks issued, and 5,000 shares held as treasury stock. The dividends were declared on June 1, and paid on June 30. Show the journal entries to record both declaration and payment of the dividend.
The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 common stock authorized, 20,000 stocks issued, and 5,000 shares held as treasury stock. The dividends were declared on June 1, and paid on June 30. Show the journal entries to record both declaration and payment of the dividend.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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9. The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 common stock authorized, 20,000 stocks issued, and 5,000 shares held as
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