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Prepare the necessary journal entries to be recorded

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Question - Lindy Corporation has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2017, there were 600,000 shares issued and outstanding. On June 30, 2017, the board of directors declared a $0.50 per share cash dividend to be paid on August 1, 2017.

Required - Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment.

Reference no: EM132528948

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