Berkwild Company is authorized to issue 1,000,000 shares of common stock. At the beginning of 2009, Berkwild had 338,000 issued and outstanding shares. On July 2, 2009, Berkwild purchased 1,310 shares of common stock for its treasury. On March 1 and September 1, Berkwild declared a cash dividend of $1.10 per share. The dividends were paid on April 1 and October 1.
1. Prepare the entries to record the declaration of the two cash dividends.
2. Prepare the entries to record the payment of the two dividends.
3. Explain why the amounts of the two dividends are different.
This question was answered on: Jul 11, 2017
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