Answer:
Date of Declaration
Debit Retained earnings $2,195,200
Credit Paid in capital in Excess of par $1,852,200
Common Stock Dividend Distributable $343,000
Date of Distribution
Debit Common Stock dividend Distributable $343,000
Credit Common Stock #343,000
Explanation:
The question is prepare the journal entries for Nash Corporation
a) for date of declaration
b) Date of Distribution
a) date of declaration
Description Debit Credit
Declaration Date
Retained Earnings 343,000x 0.1 x$64 2,195,200
Paid in Capital in Excess of Par 1,852,200
Common Stock Dividend distributable ( 343,000 x10%x$10) 343,000
Being the declaration of dividend
b) date of Distribution
Description Debit Credit
Distribution Date
Common Stock Dividend distributable 343,000
Common Stock 343,000
Being the Distribution of declared of dividend
