Question: the boxes in red are wrong, what would the numbers be for this question? Massawippi Co. has 11 million authorized common shares. The company has
the boxes in red are wrong, what would the numbers be for this question?


Massawippi Co. has 11 million authorized common shares. The company has issued 4.4 million but due to some share repurchases and cancellations, only 4.2 million were outstanding at the beginning of 2020. Massawippi pays dividends of $0.24 per quarter on March 31, June 30, September 30, and December 31 each year. The dividends are declared at the monthly board meeting in the same month that they are paid. The board meets on the 1st of each month. The date of record is the 15th of the month and the shares trade ex-dividend on the 13th. Prepare all journal entries, including dates, related to the dividends for Massawippi for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account and explanation Debit Credit March 1 Dividends Declared - Common Shares 1.008 Dividends Payable 1.008 March 13 No Entry 0 No Entry 0 March 15 No Entry 0 No Entry 0 March 31 Dividends Payable 1.008 Cash 1.008 June 1 Dividends Declared - Common Shares 1.008 Dividends Payable 1.008 June 13 No Entry 0 No Entry 0 June 15 No Entry 0 No Entry 0 June 30 Dividends Payable 1.008 Cash 1.008 Sep. 1 Dividends Declared - Common Shares 1.008 Dividends Payable 1.008 Sep. 13 No Entry 0 No Entry Sep. 15 No Entry 0 No Entry Sep. 30 V Dividends Payable 1.008 Cash 1.008 Dec. 1 Dividends Declared - Common Shares 1.008 Dividends Payable 1.008 Dec. 13 No Entry 0 No Entry 0 Dec. 15 No Entry 0 No Entry 0 Dec. 31 Dividends Payable 1.008 Cash . 1.008
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