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Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 41,000 shares authorized, 21,600 shares issued, and 16,400 shares of common stock outstanding. The journal entry to record the dividend declaration is: Multiple Choice Debit Common Dividends Payable $10,800, credit Cash $10,800 Debit Retained Earnings $20.500, credit Common Dividends Payable $20.500 Debit Retained Earnings $8,200, credit Common Dividends Payable $8.200 Debit Common Dividends Payable $8,200, credit Cash $8.200

Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 41,000 shares authorized, 21,600 shares issued, and 16,400 shares of common stock outstanding. The journal entry to record the dividend declaration is: Multiple Choice Debit Common Dividends Payable $10,800, credit Cash $10,800 Debit Retained Earnings $20.500, credit Common Dividends Payable $20.500 Debit Retained Earnings $8,200, credit Common Dividends Payable $8.200 Debit Common Dividends Payable $8,200, credit Cash $8.200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 41,000 shares authorized, 21,600 shares issued, and 16,400 shares of common stock outstanding. The journal entry to record the dividend declaration is: Multiple Choice O Debit Common Dividends Payable $10,800, credit Cash $10,800 Debit Retained Earnings $20,500, credit Common Dividends Payable $20.500 Debit Retained Earnings $8,200, credit Common Dividlends Payable $8,200. Debit Common Dividends Payable $8,200, credit Cash $8.200
Transcribed Image Text:Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 41,000 shares authorized, 21,600 shares issued, and 16,400 shares of common stock outstanding. The journal entry to record the dividend declaration is: Multiple Choice O Debit Common Dividends Payable $10,800, credit Cash $10,800 Debit Retained Earnings $20,500, credit Common Dividends Payable $20.500 Debit Retained Earnings $8,200, credit Common Dividlends Payable $8,200. Debit Common Dividends Payable $8,200, credit Cash $8.200
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