Key Corp Has a October 31 Year End

question 73

Essay

Key Corp has a October 31 year end. On October 2,2011,the board of directors decided a cash dividend of $1.50 per common share,payable on November 24,2012. The date of record for this dividend is November 17,and the ex-dividend date is November 15,2012. Additional information relating to the shares follows:
Requirements:
a. Determine the dollar amount of dividends to be paid as a result of the dividend declaration on October 2,2011.
b. Record all the journal entries related to this dividend in 2011 and 2012.

---

Definitions:

Medullary Osmotic Gradient

A concentration gradient of solutes in the kidney's medulla that helps in the reabsorption of water from urine, contributing to the body's water balance.

Loop Of Henle

A section of the nephron in the kidney that is responsible for concentrating urine and conserving water.

Glomerular Filtration Membrane

A selective filtration barrier in the kidneys that separates blood plasma from the filtrate, leading to urine formation.

Distal Convoluted Tubule

A portion of the kidney nephron that functions in the reabsorption of water, sodium, and chloride and in the secretion of potassium and hydrogen ions.