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Question

Calculating and Recording Cash Dividends

On

January 27, 2016, McDonald's Board of Directors declared a quarterly cash dividend of $0.89 per share of common stock payable on March 15, 2016, to shareholders of record at the close of business on March 1, 2016. Assume that there were 906 million shares outstanding during this time period.

Use the financial statement effects template to record the transactions for the following dates:

a. January 27, 2016.

b. March 1, 2016

c. March 15, 2016

 

Top Answer

S.No. Account titles and explanation Debit Credit a. Retained Earning $806.34... View the full answer

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