LMN Ltd Declared an Interim Dividend on 12 February 2012

question 25

Multiple Choice

LMN Ltd declared an interim dividend on 12 February 2012 of 5 cents per share (500 000 issued shares) and paid it on 3 March 2012.The journal entry on 12 February 2012 would include:

• A) DR Interim dividend declared,$25 000
• B) CR Cash,$25 000
• C) CR Retained profits,$25 000
• D) none of the above.

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