On February 5, 2016, Jubilee Rental Corporation's board of directors declared a dividend of $0.24, to be

Question:

On February 5, 2016, Jubilee Rental Corporation's board of directors declared a of $0.24, to be paid on March 18, 2016, to the shareholders of record as of the close of business on March 9, 2016. Jubilee has 2,000,000 shares of $0.01 par-value authorized with 1,200,000 shares issued and outstanding. Jubilee has no preferred stock. Record the declaration of the and the payment of the Include the proper dates with each journal entry.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...