Problem - Following is a recent Microsoft press release:
REDMOND, Wash.-March 15, 2011- Microsoft Corp. today announced that its board of directors declared a quarterly dividend of $0.20 per share. The dividend is payable June 9, 2011 to shareholders of record on May 19, 2011.
Prepare the journal entries Microsoft used to record the declaration and payment of the cash dividend for its 8,800 million shares. (If no entry is required for a particular event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
1. Record the journal entry on the declaration date.
2. Record the journal entry on the date of record.
3. Record the journal entry on the payment date.