On March 15, American Eagle declares a quarterly cash dividend of $0.060 per sha

Question

On March 15, American Eagle declares a quarterly cash dividend of $0.060 per share payable on April 13 to all stockholders of record on March 30 Required: Record American Eagle's dedaration and payment of cash dividends for its 223 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet Record the declaration of cash dividends. Note: Enter debits before credits Date General Journal Debit Credit March 15 Record entry Clear entry View general journal

Explanation / Answer

Date General Journal Debit Credit March 15 Dividends(223,000,000 shares × $0.060) $13,380,000 Dividends payable $13,380,000 March 30 No journal entry required April 13 Dividends payable $13,380,000 Cash $13,380,000

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