On July 31,Crispy Corp Declared a Dividend of $0

question 98

Essay

On July 31,Crispy Corp declared a dividend of $0.66 per common share outstanding to the shareholders of record on August 15.The dividend will be paid on August 25.Crispy Corp has unlimited shares authorized and 80,000 shares issued and outstanding.Prepare the journal entry to record the declaration of the dividend.

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Definitions:

Restraints of Trade

Legal or economic restrictions placed on the free exchange or movement of goods, services, or labor, often to maintain fair competition or prevent monopolistic practices.

Sherman Antitrust Act

A landmark federal statute in the U.S. passed in 1890 that prohibits monopolistic business practices and promotes competition in the marketplace.

Sherman Antitrust Act

A landmark U.S. law enacted in 1890 to counteract or reduce monopolies and maintain competition among businesses.

Interstate Commerce Commission

A regulatory agency in the United States established to oversee railroad rates and later expanded to other modes of transportation, until its operations were phased out in the late 20th century.