Question: Elm Corporation secured authorization from the state for 200 000 shares
Elm Corporation secured authorization from the state for 200,000 shares of $10 par value common stock. It has 80,000 shares issued and 70,000 shares outstanding. On June 5, the board of directors declared a $0.25 per share cash dividend to be paid on June 25 to stockholders of record on June 15. Prepare journal entries to record these events.
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