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What is the journal entry for the dividend declaration

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Reference no: EM132665087

Problem 1: The board of directors of Delta, Inc. declared a $0.60 per share cash dividend on its $1 par value common stock. On the date of the declaration, there were 50,000 shares authorized, 20,000 shares issued, and 5,000 shares held as treasury stock. What is the journal entry for the dividend declaration?

A) Retained Earnings 9,000
Dividends Payable 9,000

B) Retained Earnings 12,000
Dividends Payable 12,000

C) Retained Earnings 15,000
Dividends Payable 15,000

D) Retained Earnings 20,000
Dividends Payable 20,000

Reference no: EM132665087

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