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. Please provide the journal entry for the declaration of dividends.
Definitions:
Cost Curves
Graphical representations of the costs associated with producing varying quantities of output, illustrating concepts like marginal and average cost.
Purely Competitive Industries
Industries in which many firms sell identical products to many buyers and no single seller can influence the market price.
Economic Losses
The difference when total costs, including both explicit and implicit costs, exceed total revenues, indicating that resources could be better employed elsewhere.
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, representing excess returns over the firm's opportunity costs.
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