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[20] On June 1, Ligtenberg Company's board of directors declared a cash dividend of $1.00...

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Accounting

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[20] On June 1, Ligtenberg Company's board of directors declared a cash dividend of $1.00 per share on the 50,000 shares of common stock outstanding. The company also has 5,000 shares of treasury stock. Shareholders of record on June 15 are eligible for the dividend, which is to be paid on July 1. On June 1, the company should A. Make no accounting entry. B. Debit retained earnings for $50,000. C. Debit retained earnings for $55,000. D. Debit retained earnings for $50,000 and pald-in capital for $5,000

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