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record the declaration of a cash dividend of $0.30 per share to all shares outstanding on january 29

Answer :

When recording the declaration of cash dividend of $0.30 per share, the dividend account will be debited and the retained earnings out of which the dividend has been paid will be credited in the journal entry related to the same amount in this financial transaction.

The journal entry in the format of general journal has been mentioned as below for better reference.

Date             General Journal                               Debit           Credit

January 29     Dividends Ac.                        DR.     $0.30

                             To, Retained Earnings                            $0.30

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