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This company has 500000 shares authorized and 100000 shares

Question - On July 30, a company declared a cash dividend of $0.30 per common share to the shareholders of record on Aug 15. The cash dividend will be paid on Aug 31. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required on July 30, Aug 15, and Aug 31. Hint: You should have two journal entries.

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Accounting Basics: This company has 500000 shares authorized and 100000 shares

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