On November 1, 2014, Oster Company Declared a Dividend of $3.00

question 58

Essay

On November 1, 2014, Oster Company declared a dividend of $3.00 per share. Oster Company has 20,000 shares of common stock outstanding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2014. Please provide the journal entry needed on November 30.
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Definitions:

Sodium Ions

Positively charged atoms of sodium, crucial for maintaining fluid balance and transmitting nerve impulses in the body.

Potassium Ions

Electrolytes with a positive charge found inside and outside of cells, essential for maintaining normal cell function including nerve impulse transmission and muscle contraction.

Excitation-Contraction Coupling

Stimulation of a muscle fiber produces an action potential that results in contraction of the muscle fiber.

Troponin-Tropomyosin Complex

A regulatory protein complex in muscle cells that controls the interaction of actin and myosin, essential for muscle contraction.