CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEX Exercise 12-12 The board of directors of Sheridan Manufacturing is in the process of decanng a dividend. The company is considering paying a cash dividend of $12 per share. Sheridan Manufacturing is buthorized to issue 500,000 shares of common stock. The company has issued 337,000 shares to date and has reacquired 44,000 shares. These 44,000 shares are held in treasury. How many shares of common stock are eligible to receive a dividend? Number of shares eligible to receive dividend LINK TO TEXT Assume that the board declares the dividend. Prepare the appropriate journal entries on the (1) date of declaration, (2) date of record, and (3) date of payment. (Crec are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tries and enter amounts) No. Account Tities and Explanation Debit Credit (Entry on date of declaration) Entry on date of record) (Entry on date of payment)