(Solution) - Longacre Corporation has 5 000 shares of common stock outstandin -(2025 Original AI-Free Solution)

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Longacre Corporation has 5,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.