Polin Company’s balance sheet showed the following on Decemb…
Polin Company’s balance sheet showed the following on December 31, 2027: Common stock, $10 par $ 100,000 Paid-in capital—excess of par 50,000 Retained earnings 20,000 A cash dividend is declared on December 31, 2027, and is payable on January 20, 2028, to shareholders of record on January 10, 2028. Required: Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.