the accounts of wellington corporation showed the following balances on january 1 of the current year:

Project Description:

cash $ 45,000
other current assets 25,000
operational assets, net of depreciation 235,000
other assets 55,000
total $ 360,000
current liabilities $ 30,000
long-term liabilities 60,000
capital stock, par $10 (20,000 shares) 200,000
contributed capital in excess of par 15,000
retained earnings 55,000
total $ 360,000


1. the board of directors of the company is considering a cash dividend. as the company controller, you have been asked to determine the maximum amount of dividends that can be paid on january 1, and to suggest to the board some specific amounts of dividends that might be paid.
2. what amount of dividends would you recommend be paid based on the data from the accounts?
3. show the entries would be made at each of the following dates if a cash dividend of $27,000 is declared.
a a. declaration date
a b. record date
a c. payment date
4. if a balance sheet were prepared between the declaration
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Price Type: Negotiable

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