1. On July 31 ABC Company declared a $0.50 per share cash dividend to be paid on August 15 to shareholders of record on August 10. There were 100,000 shares of common stock authorized, 50,000 issued, and 45,000 outstanding.

2. On December 31 Carlos Company declared a $0.45 per share cash dividend to be paid on January 31 to shareholders of record on January 15. There were 500,000 shares of common stock authorized, 250,000 issued, and 245,000 outstanding.

Answer rating: 100% (QA)

1 July 31 Retained earning AC dr 22500 To Dividend payable 22500 Being dividend declared o... View the full answer