X Corporation Had a Net Income of $375,000 in 2018

Essay

X Corporation had a net income of $375,000 in 2018.The Board of Directors declared a dividend of $0.25 a share on the 150,000 shares outstanding on December 13 to be paid on December 23.Retained earnings on January 01,2019 were $630,000.
(a)Prepare the journal entries for the declaration of the dividends and for the payment of these dividends.
(b)Prepare the Retained Earnings Statement at the end of 2018.