Woodland Inc. Declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on Sept 9 to all stockholders of Record on August 15. What is the Journal entry that should be generated on August 12

Woodland Inc. Declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on Sept 9 to all stockholders of Record on August 15. What is the Journal entry that should be generated on August 12

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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20 )
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On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a