A company's board of directors declared a $0.80 per share cash dividend on its $2 par common stock. On the date of declaration, there were 42,000 shares authorized, 17,000 shares issued, and 6,000 shares held as treasury stock. What is the entry when the dividends are declared? A. Dividends 5,500
Dividends Payable 5,500
B. Dividends Payable 5,500
Cash 5,500
C. Dividends 24,500
Dividends Payable 24,500
D. Dividends Payable 8,500
Cash 8,500

Dividenda = $8,800, Dividends payable = $8,800

Explanation:

Dividends = [(Number of shares issued - Treasury stock held) * Dividend per share)

Dividends = (17,000 - 6,000) * 0.80

Dividends = 11,000 * $0.80

Dividends = $8,800

Date  Account Titles and Explanation       Debit    Credit

          Dividends                                          $8,800

                 Dividends payable                                    $8,800

          (To record dividend declaration)

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