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Question(s) / Instruction(s):

A company declared a $0.50 per share cash dividend. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. The journal entry to record the dividend declaration is:

a)            Retained Earnings                                                            4,000

Common Dividend Payable                         4,000

b)            Common Dividend Payable                                         4,000

                                                Cash                                                                      4,000

c)            Retained Earnings                                                            4,500

Common Dividend Payable                         4,500

d)            Common Dividends Payable                                       4,500

Cash                                                                      4,500

e)            Retained Earnings                                                            5,000

Common Dividend Payable                         5,000

                 

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