On April 1, 2020, Meriter Corporation declared a cash dividend of $5.00 per share on its 32,000 outstanding shares of common stock ($1 par). The dividend is payable on April 21, 2020, to stockholders of record on April 14, 2020.

Required: Prepare an journal entry for the declaration of dividends (April 1, 2020) and for the payment of dividends (April 21, 2020).