Cash Dividends Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held 5,000 shares of treasury stock, but it reissued 1,000 of those shares in October. On December 1, 2019, Cyprus's board of directors declares a cash dividend of $0.95 per share payable on December 20, 2019, to stockholders of record on December 15, 2019. Required: Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.
Cash Dividends Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held 5,000 shares of treasury stock, but it reissued 1,000 of those shares in October. On December 1, 2019, Cyprus's board of directors declares a cash dividend of $0.95 per share payable on December 20, 2019, to stockholders of record on December 15, 2019. Required: Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Cash Dividends
Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held 5,000 shares of
Required:
Prepare the appropriate
Transcribed Image Text:Cash Dividends
Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held 5,000 shares of treasury stock, but it reissued 1,000 of those shares in October. On December 1, 2019,
Cyprus's board of directors declares a cash dividend of $0.95 per share payable on December 20, 2019, to stockholders of record on December 15, 2019.
Required:
Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.
Date of Declaration-2019 Dec. 1
Date of Record-2019 Dec. 15
Date of Payment-2019 Dec. 20
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