Cash Dividends

King Tut Corporation issued 19,000 shares of common stock, allof the same class; 12,000 shares are outstanding and 7,000 sharesare held as treasury stock. On December 1, 2013, King Tut's boardof directors declares a cash dividend of $0.50 per share payable onDecember 15, 2013, to stockholders of record on December 10,2013.






Prepare the appropriate journal entries for the (a) date ofdeclaration, (b) date of record, and (c) date of payment. If noentry is required, type “No entry required” and leave the amountboxes blank.