Concord Inc. declared a cash dividend of $1.4 per share on its 5 million outstan

Question

Concord Inc. declared a cash dividend of $1.4 per share on its 5 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15.

Prepare all journal entries necessary on those three dates. (Enter answers in dollars. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Open Show Work

Date

Account Titles and Explanation

Debit

Credit

Aug. 1Aug. 15Sep. 9

Aug. 1Aug. 15Sep. 9

Aug. 1Aug. 15Sep. 9

Explanation / Answer

1-Aug Retained earnings 7000000 =5000000*1.4        Dividends Payable 7000000 15-Aug No entry 0 No entry 0 9-Sep Dividends Payable 7000000        Cash 7000000

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