Cash Dividends King Tut Corporation issued 19,000 shares of common stock, all of

Question

Cash Dividends

King Tut Corporation issued 19,000 shares of common stock, all of the same class; 12,000 shares are outstanding and 7,000 shares are held as treasury stock. On December 1, 2013, King Tut's board of directors declares a cash dividend of $0.50 per share payable on December 15, 2013, to stockholders of record on December 10, 2013.

Required:

Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, type "No entry required" and leave the amount boxes blank.

(a)

  

  

  

  

(b)

  

  

  

  

(c)

  

  

  

  

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Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, type "No entry required" and leave the amount boxes blank.

(a)

  

  

  

  

(b)

  

  

  

  

(c)

  

  

  

  

Explanation / Answer

Jouranl entries

(A) On date of declaration

(B) Date of record dec 10,2013

NO ENTRY

(C) Date of payment

Dec 1,2013 Dividends $6,000 To dividend payable(12,000* .50) $6,000

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