Question

On February 16, a company declares a 34 dividend to be paid on April 5. There are 1,900,000 shares of common stock issued and outstanding. The entry recorded by the company on February 16 includes a debit to:

A) Dividends Payable and a credit to Cash for $680,000.

B) Dividends and a credit to Dividends Payable for $646,000.

C) Dividends Payable and a credit to Cash for $646,000.

D) Dividends and a credit to Dividends Payable for $680,000.

Answer

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