Question: King Tut Corporation has issued 25 000 shares of common stock

King Tut Corporation has issued 25,000 shares of common stock, all of the same class; 18,000 shares are outstanding and 7,000 shares are held as treasury stock. On December 1, 2011, King Tut’s board of directors declares a cash dividend of $0.75 per share payable on December 15, 2011, to stockholders of record on December 10, 2011.

Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment.

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  • CreatedSeptember 22, 2015
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