Reference no: EM132500004
Question - Fowler Co.s balance sheet showed the following at December 31, 2018.
Common Stock, $10 par - $120,000
Paid-in capital-excess of par - 60,000
Retained Earnings - $24,000
A cash dividend was declared on December 31, 2018, and payable on January 20, 2019 to shareholders of record on January 10, 2019.
1. Prepare the appropriate journal entries, assuming a cash dividend in the amount of $1 per share.
2. Prepare the appropriate journal entries, assuming a cash dividend in the amount of $5 per share.
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