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on march 15, the board of directors of richmond, inc. declare a cash dividend of $1 per share. on march 15, there are 1,000 shares of stock issued and outstanding. the journal entry required on the date of declaration will include a debit to the account.

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Based on the principle of accounting, and considering the situation described the journal entry required on the date of declaration will include a debit to the "Retained Earnings" account.

What is Retained Earnings Account?

Retained Earnings Account is a term that is used to describe the accumulated net income of the business firms or companies that is retained by the corporation at a specific point of time, for example at the end of the reporting period.

In this case, given that the company intends to take carry out a cash dividend of $1 per share, this is known to be a gain for the shareholders. Thereby, the gains are stored in the Retained Earnings Account. Thus, it is from the Retained Earning account, the shares would be debited.

Retained Earnings are also known to be a liability because they are money set aside to pay stockholders.

Hence, in this case, it is concluded that the correct answer is Retained Earnings Account.

Learn more about Retained Earnings Account here: https://brainly.com/question/23549885

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