Fowler Co.'s balance sheet showed the following at December 31,2016:
A cash dividend is declared on December 31,2016,and is payable on January 20,2017,to shareholders of record on January 10,2017.
Required:
(1. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $1.00 per share.
(2. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $5.00 per share.
Definitions:
Distilled Water
Water that has been boiled into vapor and condensed back into liquid in a separate container, removing impurities and contaminants.
Starch
Storage polysaccharide found in plants that is composed of glucose molecules joined in a linear fashion with few side chains.
Facilitated Transport
Passive transfer of a substance into or out of a cell along a concentration gradient by a process that requires a protein carrier.
Carrier Proteins
Proteins that facilitate the transport of specific substances across a cell membrane by changing shape.
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