The board of directors of Irondale Corporation declared a cash dividend of $2.50 per share on 57,000 shares of common stock on June 14, 2010 . The dividend is to be paid on July 15, 2010, to shareholders of record on July 1, 2010 . The proper entry to be recorded on June 14, 2010, will be:
a. Dividends 142,500
Dividends Payable 142,500
b. Dividends payable 142,500
Cash 142,500
c. Dividends 142,500
Retained Earnings 142,500
d. Dividends payable 142,500
Dividends 142,500
A
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Dividends must always be paid in cash.
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