On January 2, Year 3, Lake Mining Co.'s board of directors declared a cash dividend of $400,000 to shareholders of record on January 18, Year 3, payable on February 10, Year 3. The dividend is permissible under law in Lake's state of incorporation.
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Benjamin Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $300,000, and $420,000, respectively, for September, October, and November.
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