50.1K

Verified Solution

Link Copied!

E11-13 Accounting for Dividends [LO 11-3]

Barney is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement:

NEW BRITAIN, Conn.(BUSINESS WIRE)Feb. 18, 2014Barney (NYSE: BYC) announced today that its Board of Directors approved a regular first-quarter cash dividend of $0.50 per common share. This extends the companys record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, March 18, 2014, to shareholders of record as of the close of business on Wednesday, March 5, 2014.

At the time of the press release, the company had 318 million shares authorized and 156.8 million outstanding. The par value for the companys stock is $2.50 per share.

E11-13 Accounting for Dividends Cro 11-3] Ramey is a leading lobal manufacturer and marketer of power tools, hardware, and home improvement products A press release contained the following announcement: NEw BRTT ATN, Conn. (BuSTNEss wrRE) Feb. 18, 2014-Bamey (NYSE: Brc announced today that its Board of Directors approved a regular first-quarter cash dividend of $o.50 per common share. This extends the company's record for the longest consecutive annual and quarterly dividend payments among industrial companies isted on the New York Stock Exchange. The dividend is payable on Tuesday, March 18, 2014, to shareholders of record as of the close of business on Wednesday, March 5, 2014 At the time of the press release, the company had 318 million shares authorized and 156.8 million outstanding. The par value for the company's stock is $2.50 per share. Required 1. are journal entries as appropriate for each o the three dates mentioned above. (1fno entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars not in millions view transaction list view general journal Journal Entry Worksheet 1 2 3 Record the declaration of a cash dividend of $0.50 per share payable on the 156.80 million shares of stock outstanding. General Journal Cre February 18, 2014 Enter debits before credits done record entry clear entry

Answer & Explanation Solved by verified expert

See Answer