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.

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Definitions:

Optic Nerve

This nerve carries information related to vision from the retina directly to the brain.

Tympanic Membrane

The thin membrane that separates the outer ear from the middle ear, also known as the eardrum, which vibrates in response to sound waves.

Eardrum

A delicate layer dividing the outer ear from the middle ear, which moves in reaction to sound vibrations.

Temporal Bone

A bone on the side of the skull that houses structures of the ear and is part of the cranium.