Problems

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  1. Learning Goal 1

    P14–1 Dividend payment procedures At the quarterly dividend meeting, Wood Shoes declared a cash dividend of $1.10 per share for holders of record on Monday, July 10. The firm has 300,000 shares of common stock outstanding and has set a payment date of July 31. Prior to the dividend declaration, the firm’s key accounts were as follows:

    Cash $500,000 Dividends payable $0
    Retained earnings $2,500,000
    1. Show the entries after the meeting adjourned.

    2. When is the ex dividend date?

    3. What values would the ...

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