Mortimer Inc. declared a cash dividend of $0.60 per share on its 1.5 million outstanding shares. The

Question:

Mortimer Inc. declared a cash of $0.60 per share on its 1.5 million outstanding shares. The was declared on August 1 and is payable on September 9 to all shareholders of record on August 15. Prepare all necessary journal entries for those three dates.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...