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ordan Industries declared a $0.90 per share cash dividend. The company has 180,000 shares authorized, 61,000 shares issued, and 58,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration

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Tundexi

Answer:

Dividend = 58,000 * $0.90

Dividend = $52,200

Date   Account titles and Explanation      Debit       Credit

          Dividend declared                            $52,200

                 Dividend payable                                       $52,200

           (To record the dividend declaration)

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