(Answered) Question - cash dividend and liquidating dividend addison

Accounting

Question - Cash Dividend and Liquidating Dividend

Addison Corporation has 10 million shares of common stock issued and outstanding. On June 1, the board of directors voted 60 cents per share cash dividend to stockholders of record as of June 14, payable june 30.

Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings.

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