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What is the entry for the dividend declaration

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Question 1: The board of directors of Staubach Co. declared a $0.50 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 shares authorized, 28,000 shares issued, and 4,800 shares held as treasury stock. What is the entry for the dividend declaration?

Multiple Choice

Option 1: Retained earnings11,600

Cash dividends payable 11,600

Option 2: Retained earnings8,600

Cash dividends payable 8,600

Option 3: Retained earnings8,600

Cash 8,600

Option 4: Retained earnings11,600

Cash 11,600

Reference no: EM132609395

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