X Corporation had a net income of $375,000 in 2015.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 01,2016 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 2015.

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The Answer of X Corporation had a net income of $375,000 in 2015.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 01,2016 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 2015.

X Corporation Had a Net Income of $375,000 in 2015