View Policies Current Attempt in Progress Sandhill Mining Limited is nearing the end of the useful life of its only remaining natural resource that it is mining in northern Quebec. The balance of its Common Shares account is $2,500,000, Retained Earnings is $4,200,000, and Accumulated Depletion is $3,000,000. The board of directors recently declared and paid a $5.70 dividend to each of the 1,000,000 outstanding common shares. Sandhill records cash dividends directly to Retained Earnings. Prepare the journal entry for the declaration and payment of this liquidating dividend (assume only one journal entry is needed for declaration and payment) and explain how the amount received should be handled by shareholders (that is, what instructions should be communicated by Sandhill's board of directors). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 1 used Submit