Question: Nova Corporation has 500 000 authorized shares of 1 par value
Nova Corporation has 500,000 authorized shares of $1 par value common stock, of which 200,000 are issued, including 20,000 shares of treasury stock. On October 15, the corporation’s board of directors declared a cash dividend of $0.50 per share payable on November 15 to stockholders of record on November 1. Prepare journal entries for each of the three dates.
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