D. can be flipped for profit and E. has a maturity date
The answer would be between A and D.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
As per §117(b)(2) a qualified scholarship that is solely used for qualified tuition and related expenses like fees, books and supplies that is necessary for such course in which admission is taken, related tuition fees and associated expenses are not taxable.
On the other side expenses on rooms and boarding are not qualified expenses so any amount spent on it is fully taxable. Another condition is that scholarship given should not be an exchange of service.
<em>You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly. </em>
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Answer:
1.
Debit Credit
Retained Earnings ($0.75*3,100) $2,325
Dividend payable $2,325
2. "No Journal Entry Required"
3.
Debit Credit
Dividend payable $2,325
Cash $2,325
Explanation:
The following journal entries will be required to be made
1. Recording declaration of dividend
The Divine Apparel shall record the the following journal entry on October 1 in respect of dividend declared by it.
Debit Credit
Retained Earnings ($0.75*3,100) $2,325
Dividend payable $2,325
2.Record the entry on date of record
"No Journal Entry Required"
3.Record the payment of cash dividends
The Divine Apparel shall record the the following journal entry on October 31 in respect of dividend paid by it.
Debit Credit
Dividend payable $2,325
Cash $2,325
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