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31 March, 01:35

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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  1. 31 March, 06:35
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    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)
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