Question: LMN Ltd declared an final dividend on 30th June 2020 of 5 cents per share and paid it on 10th July 2020. The company has

LMN Ltd declared an final dividend on 30th June 2020 of 5 cents per share and paid it on 10th July 2020. The company has 500,000 issued shares. The journal entry on 10th July 2020 would include:

CR to retained earnings $25,000

DR to retained earnings $25,000

CR to cash $25,000

CR to dividends payable $25,000

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