Question 21 Swage Corporation is authorized to issue 2 million shares of $1 par value...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Question 21 Swage Corporation is authorized to issue 2 million shares of $1 par value common stock. During 2020 the company declared a $0.20 per share dividend to stockholders, payable January 3, 2021. At the time of declaration total outstanding number of common shares were 9,000. Prepare the required journal entry at the time of declaration. a. (Dr.) Dividends 1,800 (Cr.) Cash 1,800 b. (Dr.) Dividends 1,800 (Cr.) Dividends Payable 1,800 c. (Dr.) Dividends 9,000 (Cr.) Cash 9,000 d. (Dr.) Dividends 9,000 (Cr.) Dividends Payable 9,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
