On March 15, 2011, the board of directors of Waters Corporation declared a cash dividend, payable April 8, 2011, of $1.70 per share on the 105,000 common shares outstanding. The accounting period ends March 31. How will this be reflected on the balance sheet at March 31, 2011?
The balance in (Dividend Receivable OR Dividend Payble) of ($??) will be reported as a (Current liability, long term liability, contributed capital account, or current asset) on the balance sheet. (Cash, retained earnings, or net income) will decrease by ($$)