E15-12B (Cash Dividend and Liquidating Dividend) Alpha Corporation has 25 million shares of common stock issued and outstanding. On August 31 the board of directors voted a $1.20 per share cash dividend to stockholders of record as of September 5, payable September 30.
(a) Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings.
(b) How would the entry differ if the dividend were a liquidating dividend?
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