Question 1 Marigold Inc. declared a cash dividend of $1.75 per share on its 4 mi

Question

Question 1 Marigold Inc. declared a cash dividend of $1.75 per share on its 4 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 O for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date General Journal Debit Credit Aug-01 Cash Dividend / Retained earnings 7000000 =4000000*1.75 Dividends Payable 7000000 To record the declaration of dividends Aug-15 NO ENTRY Sep-09 Dividends Payable 7000000 Cash 7000000 To record the payment of dividends

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