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Prepare journal entries required to record the transactions

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Question - Carlu Corp. has 300,000 shares of stock authorized, 150,000 shares issued, and 100,000 shares outstanding. On September 1, 2016, Carlu's Board of Directors declared a cash dividend of $0.60 per share, with a date of record of October 1, 2016. The dividend will be paid on November 1, 2016.

Prepare the journal entries required to record the transactions described above.

Reference no: EM131645073

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