Please show how you to do it Briel Exercise 1510 Headland In

Briel Exercise 15-10 Headland Inc. dedlared a cash Sividend of $1.55 per share on its 4 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August is Prepare ll ournal entries necessary on those three dates. (Enter answers In doliars. Credit account titles are automatically Indented when amount is entered Do not Indent manully, I ne e enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit ? -][ ] Show Work is REQUIRED for this question: Qeen Sho o Pollcy set by your instructor By accessing this Question Assistance, you will earn while you earn points based on the Point Potential QuestionA

Solution

Date

Account Title and Explanation

Debit

Credit

1 August

Retained earnings ($ 1.55 x 4,000,000)

6,200,000

             Dividends payable

6,200,000

Declared cash dividend of $ 1.55 to payable 9 September to shareholders of record 15 August

9 September

Dividends payable

6,200,000

          Cash

6,200,000

Paid the dividend declared on 1 August

*****Record date is 15 August. No journal entry is required to be made on this date.

Date	Account Title and Explanation	Debit	Credit
1 August	Retained earnings ($ 1.55 x 4,000,000)	6,200,000
	Dividends payable		6,200,000
	Declared cash dividend of $ 1.55 to payable 9 September to shareholders of record 15 August
9 September	Dividends payable	6,200,000
	Cash		6,200,000
	Paid the dividend declared on 1 August