On 6/17, Year 6, the board of directors of a corporation declares a cash dividend equal to
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Question:
On 6/17, Year 6, the board of directors of a corporation declares a cash dividend equal to $700,000 for shareholders of record on 7/23, Year 6, payable on 8/19, Year 6. However, as of 6/17, Year 6, the retained earnings account has a credit balance of $0 (zero). The retained earnings account can only absorb a dividend equal to its credit balance and cannot be reduced to a deficit (i.e., debit balance) as a result of a dividend.
6/17/Yr 6
7/23/Yr 6
8/19/Yr 6
What are the journal entries!
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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