The board of directors of Pina Colada Corp, declared a cash dividend of $2.90 per share on 36000 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the journal entry to record the payment of the dividend on August 15, 2020, are to O decrease stockholders' equity and decrease liabilities. O increase stockholders' equity and decrease assets. O increase stockholders' equity and increase liabilities. O decrease liabilities and decrease assets.
The board of directors of Pina Colada Corp, declared a cash dividend of $2.90 per share on 36000 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the journal entry to record the payment of the dividend on August 15, 2020, are to O decrease stockholders' equity and decrease liabilities. O increase stockholders' equity and decrease assets. O increase stockholders' equity and increase liabilities. O decrease liabilities and decrease assets.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 24E
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Subject :- Account
![The board of directors of Pina Colada Corp. declared a cash dividend of $2.90 per share on 36000 shares of common stock on July 15,
2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the journal entry to
record the payment of the dividend on August 15, 2020, are to
O decrease stockholders' equity and decrease liabilities.
O increase stockholders' equity and decrease assets.
O increase stockholders' equity and increase liabilities.
O decrease liabilities and decrease assets.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7b6ce77-7d1f-42c7-90fc-6e082dc1db1b%2F92ba6e02-9cf2-4846-951b-055f199c0d38%2Fxljk2i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The board of directors of Pina Colada Corp. declared a cash dividend of $2.90 per share on 36000 shares of common stock on July 15,
2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the journal entry to
record the payment of the dividend on August 15, 2020, are to
O decrease stockholders' equity and decrease liabilities.
O increase stockholders' equity and decrease assets.
O increase stockholders' equity and increase liabilities.
O decrease liabilities and decrease assets.
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