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Determine the appropriate journal entries

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Fowler Co.'s balance sheet showed the following at December 31, 2018:

Common stock, $10 par                    $112,000

paid in capita - excess of par               56,000

retained earnings                                22,400

Point 1: A cash dividend is declared on December 31, 2018, and is payable on January 20, 2019, to shareholders of record on January 10, 2019.

Required:

Question 1: appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.

Question 2: appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

Reference no: EM132478482

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