On February $5,2021,$ Cinch Rental Corporation's board of directors declared a dividend of $$0\mathrm{.}14,$ to be paid on March $18,2021,$ to the shareholders of record as of the close of business on March $9,$

Cinch has $3,500,000$ shares of $$0\mathrm{.}01$ par$-$value common stock authorized with $1,000,000$ shares issued and outstanding. The company has no preferred stock.

Record the declaration of the dividend and the payment of the dividend. Include the proper dates with each journal entry. $($Record debits first, then credits. Exclude explanations from any

journal entries.$)$

Record the journal entry for the declaration of the dividend. Be sure to select the proper date for the entry.

Journal Entry