On March 15, American Eagle declares a quarterly cash dividend of $0.045 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 226 million sharesOn March 15, American Eagle declares a quarterly cash dividend of $0.045 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 226 million shares

Question

Karly Glenn

Business

9 August, 19:49

On March 15, American Eagle declares a quarterly cash dividend of $0.045 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 226 million sharesOn March 15, American Eagle declares a quarterly cash dividend of $0.045 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 226 million shares

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Casey Bradley · Answer 1

The journal entries are shown below:

On March 15

Dividend A/c Dr $10,170,000 (226,000,000 shares * $0.045)

To Dividend payable A/c $10,170,000

(Being cash dividend declared)

On March 30

No entry

April 13

Dividend payable A/c $10,170,000

To Cash A/c $10,170,000

(Being the payment of cash dividend is recorded)