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Prepare the journal entry for each of the dates

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Reference no: EM132561542

Question - Lotoya Davis Corporation has 10 million shares of common stock outstanding. On June 1, theboard of directors voted on an 80 cents per share cash dividend to stockholders of record as ofJune 14, payable June 30.

Instructions -

(a) Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings.

(b) How would the entry differ if the dividend were a liquidating dividend?

Reference no: EM132561542

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