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Strada Controls Inc. has 100,000 common shares outstanding on January 1, 2016. On May 25, 2016, the board of directors declared a semi-annual cash dividend of $1 per share. The dividend will be paid on June 26, 2016 to shareholders of record on June 7, 2016.
Required: Prepare journal entries for
- the declaration of the dividend;
- the payment of the dividend.
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