On June 8, Kampreet Ltd. was incorporated and issued 60,000 common shares for $300,000. On...
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On June 8, Kampreet Ltd. was incorporated and issued 60,000 common shares for $300,000. On August 19, an additional 15,000 shares were issued for $90,000. On November 15th the company declares a quarterly cash dividend to shareholders on record on December 10th. The annual dividend is $2.00 per share. The dividend is paid on December 31. Are dividends declared a temporary or permanent account? What is the normal balance in the dividend declared account? Prepare the journal entries to record the above transactions. No explanations are required
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