Chapter 10 Homework Problem 10-1 Recording Dividends On August 15, 2017, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney's Common Stock will be paid a dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common Stock held by EasyMoney's shareholders. The following are the facts related to this dividend: D Dividend per Share... $1.25 D Date of Declaration. A ngst 15, 2017 September 5, 2017 September 20, 2017 D Date of Payment The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. only accounts you need for this problem. D Cash D Dividends Payable D Retained Earnings August 1, 2017, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account is $625,000. Remove and use the forms on Pgs 235 and 236 to complete this problem. Requirement 1 Record the entry that EasyMoney should make in the General Journal on August 15, 2017 to record the declaration of the dividend. A. B. After making and posting the August 15 entry, what are the Current Balances in the: b Dividends Payable account? D Retained Earnings account? Requirement 2 A. EasyMoney's Accounting Cycle is one month long. EasyMoney's Net Income for the month of August is $52,000. Balance Sheet. Prepare the Calculation of Retained Earnings as of August 31 for the B. What would be the amount of Dividends Payable on EasyMoney's August 31 Balance Sheet? Requirement 3 20, 2017 to record the payment of the dividend. After making and posting the September 20 entry, what is the Current Balance in the: B. D Dividends Payable account