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madreJ [45]
3 years ago
14

The declaration, record, and payment dates in connection with a cash dividend of $54,000 on a corporation's common stock are Oct

ober 1, November 7, and December 15.
Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Business
1 answer:
kiruha [24]3 years ago
6 0

Answer:

October 1

Dr Cash Dividend $54,000

Cr Dividend payable $54,000

November 7

No entry

December 15

Dr Dividend payable $54,000

Cr Cash $54,000

Explanation:

Preparation of the amount journal entries

October 1

Dr Cash $54,000

Cr Dividend payable $54,000

November 7

No entry

December 15

Dr Dividend payable $54,000

Cr Cash $54,000

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In other words, the home owner is able to get cash from borrowing against his/her home equity without selling the home. This type of mortgage loan doesn't have to be repaid until borrower wants to leave the home. Hence, the home can only be foreclosed if the borrower wants to leave the home without paying back the loan.

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