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Handy Harvey is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement:NEW BRITAIN, Conn.—(BUSINESS WIRE)—Oct. 20, 2016—Handy Harvey (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $0.58 per common share. This extends the company’s record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, December 20, 2016, to shareholders of record as of the close of business on Friday, December 2, 2016.At the time of the press release, the company had 311 million shares authorized and 146.1 million outstanding. The par value for the company’s stock is $2.50 per share.Required:1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars not in millions.)

Question

Handy Harvey is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement:

NEW BRITAIN, Conn.—(BUSINESS WIRE)—Oct. 20, 2016—Handy Harvey (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $0.58 per common share. This extends the company’s record for the longest consecutive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, December 20, 2016, to shareholders of record as of the close of business on Friday, December 2, 2016.

At the time of the press release, the company had 311 million shares authorized and 146.1 million outstanding. The par value for the company’s stock is $2.50 per share.


Required:

  1. 1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars not in millions.)

 

 

 

 

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Step 1

On dividend declaration date, the dividend payable liabilities arises and since dividend are declared against retained eranings, retained earnings are debited and dividends payable is credited

The record date is releva...

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