Summit Retail Group has 40,000 shares of common stock outstanding.
| Date | Event |
|---|
| November 1 | Declared a cash dividend of $0.50 per share. |
| November 15 | Date of record. |
| December 1 | Paid the cash dividend. |
Required: Prepare the journal entries for the declaration (November 1) and the payment (December 1). No entry is made on the date of record. Use a Dividends account on declaration.