Key Corp Has a October 31 Year End

question 18

Essay

Key Corp has a October 31 year end.On October 2,2017,the board of directors declared a cash dividend of $1.50 per common share,payable on November 24,2017.The date of record for this dividend is November 17,and the ex-dividend date is November 15,2017.Additional information relating to the shares follows:

Required:
a.Determine the dollar amount of dividends to be paid as a result of the dividend declaration on October 2,2017.
b.Record all the journal entries related to this dividend in 2017.

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Definitions:

Sebaceous Gland

A small oil-producing gland present in the skin of mammals, which secretes sebum into the hair follicles to lubricate the skin and hair.

Hair Follicle

A dynamic organ located in the dermal layer of the skin, from which hair grows, and is a site for sebaceous glands and nerve endings.

Sebaceous Gland

A gland in the skin that produces sebum, an oily substance that helps to lubricate and protect the skin.

Epidermis

The outermost layer of skin, serving as a protective barrier against environmental threats and regulating water loss from the body.