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Calculate the amount of cash dividends paid on January

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Reference no: EM133113800

Question - TimeOff Ltd (TimeOff) issued 500,000 ordinary shares at $1.00 per share when the company first started in Year 2017. The following transactions took place during the year 2019.

1 Jun 2019 The company declared a 1 for 100 ordinary stock dividend. The market value of the shares is $1.20 per share.

30 Jun 2019 Shareholders receive the ordinary stock dividends declared on 1 Jun 2019.

30 Sep 2019 The company bought back 20,000 ordinary shares at $1.50 each.

31 Jan 2020 The company paid cash dividends of $0.10 for each ordinary share.

Required -

a) Record the journal entries of the stock dividends transaction on 30 June 2019.

b) Calculate the amount of cash dividends paid on 31 January 2020. Show your workings clearly.

Reference no: EM133113800

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