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Requirement: Prepare Journal Entries for: ...

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Question

Accounting

Requirement: Prepare Journal Entries for:

a. The declaration of the dividend

b. The payment of the dividend

Holiday Inc. has 250,000 common shares outstanding on January 1, 2020. On May 29, 2020, the board of directors declared a semi-annual cash dividend of $1.50 per share.

The dividends were paid June 27, 2020 to shareholders on record on June 8, 2020.

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