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What the correct entry to be recorded on August

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Reference no: EM132789142

Question - On July 15, 2022, the board of directors of Coronado Limited declared a cash dividend of $0.50 per share on 90000 common shares. The dividend is to be paid on August 15, 2022, to shareholders of record on July 31, 2022.

What the correct entry to be recorded on August 15, 2022?

debit to Dividends Declared.

credit to Dividends Payable.

debit to Dividends Payable.

credit to Retained Earnings.

Reference no: EM132789142

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