On October 15, 2019, the board of directors of Trump Inc. declared a cash dividend of $2

Question:

On October 15, 2019, the board of directors of Trump Inc. declared a cash dividend of $2 per share on its 75,000 outstanding shares of common stock. The dividend is payable on November 15 to stockholders of record on October 30. Give any general journal entries necessary on October 15, October 30, and November 15, 2019.

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...