Johnson Corporation decided to pay a dividend of $ 2.00 per share. The corporation has 2,500,000 shares

Question:

Johnson decided to pay a of $ 2.00 per share. The has 2,500,000 shares authorized, 800,000 shares issued, and 750,000 shares outstanding on the date of declaration. Make the entries necessary for the on the following dates:
• June 15, 2010 Date of declaration
• July 15, 2010 Date of record
• August 1, 2010 Date of payment
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...