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Prepare journal entries for the declaration of the dividend

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Reference no: EM132484523

Question 1: Monday Inc. has 150,000 common shares outstanding on January 1, 2019. On May 27, 2019, the board of directors declared a semi-annual cash dividend of $1.15 per share. The dividends were paid June 28, 2019 to shareholders on record on June 8, 2019. Prepare Journal Entries for:

a. The declaration of the dividend

b. The payment of the dividend

Reference no: EM132484523

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