Question: Leon Corporation has authorized 400 000 shares of 1 par value
Leon Corporation has authorized 400,000 shares of $1 par value common stock, of which 320,000 are issued and 280,000 are outstanding. On May 15, the board of directors declared a cash dividend of $0.20 per share, payable on June 15 to stockholders of record on June 1. Prepare the entries using T accounts, as necessary, for each of the three dates.
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