Tamarisk Service Corporation has 960,000 authorized shares of $20 par value common stock. As of June 30, 2025, there were $76,000 shares issued and outstanding. On June 30, 2025, the board of directors declared a $0.50 per share cash dividend to be paid on August 1, 2025. Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) No. Account Titles and Explanation (a) (b) (c) Debit Credit
Tamarisk Service Corporation has 960,000 authorized shares of $20 par value common stock. As of June 30, 2025, there were $76,000 shares issued and outstanding. On June 30, 2025, the board of directors declared a $0.50 per share cash dividend to be paid on August 1, 2025. Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) No. Account Titles and Explanation (a) (b) (c) Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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