Ch 11 Assignment value 100 points Barney is a leading global manufacturer and ma

Question

Ch 11 Assignment value 100 points Barney is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement NEW BRITAIN, Conn-(BUSINESS WIRE) Feb. 18, 2014-Bamey (NYSE: BYC) announced today that its Board of Directors approved a regular first-quarter cash dividend of $0.50 per common share. This extends the company's record for the longest consecutive annual and quarterly dividend payments among s listed on the New York Stock Exchange. The dividend is payable on Tuesday, March 18, 2014, to shareholders of record as of the close of business on Wednesday, March 5, 2014. At the time of the press release, the company had 309 million shares authorized and 155.9 million outstanding. The par value for the company's stock is $2.50 per share Required: 1. Prepare l entries as appropriate for each of the three dates mentioned above. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field Enter your answers in dollars not in millions.) View transaction list 1 Record the declaration of a cash dividend of so.so per share payable on the 155.90 million shares of stock outstanding. on the Record the entry on the date of record for a cash dividend of s0.50 cents per share payable on the 155.90 million shares of stock outstanding. 2 3 Record the payment of the cash dividend. Credit Note: journal entry has been entered Record entry Clear entry View general journal

Explanation / Answer

Date Account titles & Explanations Debit Credit 18-Feb Cash Dividend 77950000 Dividends payable 77950000 (155.90m*.50) 5-Mar No entry 18-Mar Dividends payable 77950000 cash 77950000 entry to close dividend account Retained earnings 77950000 Cash dividend 77950000

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