Journalize the entries needed the declaration

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Question A) On February 1, the board of directors of Andrews, Inc. declared a $.75 per share cash dividend. The dividend is payable to shareholders of record on February 20and will be paid on March 10. Andrews Inc. has 55,000 shares of $1 par value common stock outstanding on February 1. Journalize the entries needed the declaration and payment dates.

Question B) What happens on the date of record? why isnt a journal entry necessary?

Reference no: EM132505884

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