Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on December 1, the board voted to declare a cash dividend of $5 per share to be paid on December 31, to shareholders of record as of December 16.

Required:
Complete the necessary journal entry on the date of declaration by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

The required journal entries on declaration date is :

Dr Retained earnings  $500,000

Cr Dividends payable                   $500,000

Explanation:

The required entries required on declaration date means that the company has an obligation of dividends payable to shareholders on 31st December,which amount to $500,000 (100000*$5),hence the required entries as follows:

Dr Retained earnings  $500,000

Cr Dividends payable                   $500,000

No entries are required on record date.

Finally the following entries are required on payment date:

Dr Dividends payable $500,000

Cr Cash                                         $500,000

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