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Fetzer Company declared a $0

Accounting

Fetzer Company declared a $0.55 per share cash dividend. The company has 200,000 shares authorized, 190,000 shares issued, and 8,000 shares in treasury stock. The journal entry to record the payment of the dividend is:

    1. Debit Retained Earnings, $104,500; credit Cash, $104,500.
    2. Debit Retained Earnings, $100,100; credit Cash, $100,100.
    3. Debit Dividends Payable, $104,500; credit Cash, $104,500.
    4. Debit Dividends Payable $100,100; credit Cash $100,100.

 

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