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The following transactions took place for the XYZ Corporation:
November 12 - Declared a total cash dividend of $45,000 for stockholders of record November 20 payable on December 1. Record the journal entries required by these events.
Briefly describe the significance of November 20.
Legislate
The act of making or enacting laws; the power or process through which laws are made by a government's legislative body.
True Burden
The actual economic impact of a tax or fiscal policy on individuals or entities, taking into account both direct and indirect effects.
Tax
A mandatory financial charge levied by a government on individuals, corporations, or other legal entities to fund government spending and various public expenditures.
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