X Corporation Had a Net Income of $375,000 in 2018

question 26

Essay

X Corporation had a net income of $375,000 in 2018.The Board of Directors declared a dividend of $0.25 a share on the 150,000 shares outstanding on December 13 to be paid on December 23.Retained earnings on January 01,2019 were $630,000.
(a)Prepare the journal entries for the declaration of the dividends and for the payment of these dividends.
(b)Prepare the Retained Earnings Statement at the end of 2018.

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Definitions:

Stenting Procedure

A medical treatment involving the insertion of a stent to keep an artery open and ensure blood flow.

Heart Failure

A chronic condition where the heart is unable to pump sufficient blood to meet the body's needs for blood and oxygen.

Functional Class

A system of categorizing a patient's level of heart failure, based on their symptoms and ability to perform daily activities.

Persistent Symptoms

Continued signs or indications of a disease or condition that withstand standard treatments over an extended period.