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Prepare journal entries to record the transactions on aug

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Problem 1: On January 1, Linnea Ltd.'s equity was as follows: common shares, unlimited shares authorized, and 50,000 shares issued and outstanding. Prepare journal entries to record the following transactions:

(1) Aug 1 A cash dividend of $0.50 per share was declared by the board of directors to the shareholders of record on September 20th, payable on October 3

(2) Oct 3 Paid the cash dividend

Reference no: EM132992512

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