When I read this question, I do not feel like I have enough information to answer it, am I correct? Or is it saying that as of May 4th, all of the 100000 shares were divided up? Even still, wouldn’t I still need a par amount? Please help!
On January 1, 2016, Alpha Corporation had 100,000 shares of common stock outstanding. On April 15, the board declared a $0.30 per share dividend to be paid to stockholders of record on May 4. The dividend was distributed on May 15. Use this information to prepare the General Journal entries (without explanation) for April 15 & May 15. If no entry is required then write “No Entry Required.”