Question: On 1 June 2017, Whiting Technologies Ltd declared a $200 000 cash dividend to be distributed to its shareholders of record on June 15, 2017

On 1 June 2017, Whiting Technologies Ltd declared a $200 000 cash dividend to be distributed to its shareholders of record on June 15, 2017 as follows: half to its preferred shareholders and half to its ordinary shareholders.

The dividend will be paid on 1 July 2017. The required journal entry on 1 June includes a:

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