E11-21 Recording Dividends LO11-3, 11-4 Procter & Gamble (P&G) binds touch the lives of people around the world. Assume that in the current year the company had 10 billion shares of common stock authorized, 4 billion shares issued, and 3 billion shares outstanding. Par value is $1 per share. P&G has been paying a dividend for over 100 years. Required: Assume that P&G declared a dividend of $2.45 per share on October 1 to stockholders of record on October 15. P&G paid the dividend on October 20. Prepare journal entries as appropriate for each date