On January 1,Linnea Ltd

Essay

On January 1,Linnea Ltd.'s equity was as follows: common shares,unlimited shares authorized,and 35,000 shares issued and outstanding.Prepare journal entries to record the following transactions:
$\begin{array}{|l|l|}\hline\text { Aug-01}&\text { A cash dividend of } \$ 0.60 \text { per share was declared by the board of directors to } \\&\text { the shareholders of record on September } 20 \text { th, payable on October } 3 . \\\hline \text { Oct-03 }& \text { Paid the cash dividend. }\\\hline\end{array}$