Maha Corporation Has 2,000,000 Authorized Common Shares

Essay

Maha Corporation has 2,000,000 authorized common shares. As of June 30, 2018, there were 350,000 shares issued. On this date, the board of directors declared a $0.25 per share cash dividend to be paid on August 1, 2018 to shareholders of record on July 7, 2018.InstructionsPrepare the necessary journal entries to be recorded on
a. the date of declaration,
b. the date of record, and
c. the date of payment. If no entry is needed write "No entry required."