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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