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Prepare the journal entries for the given dates

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Question - December 1, 2019, the directors XYC declare a $1.75 per share cash dividend on 275,000 shares of $10 par value common stock. The dividend is payable on January 25, 2020 to shareholders of record on December 22, 2019. Prepare the journal entries for the following dates:

1. December 1, 2019 (Declaration date)

2. December 22, 2019 (Date of record)

3. January 25, 2020 (Payment Date)

Reference no: EM132862415

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