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June 1 the board of directors of Sunset, Inc declared a $0.60 per share dividend,...

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Accounting

June 1 the board of directors of Sunset, Inc declared a $0.60 per share dividend, payable on June 30 to the shareholders of record at June 15. $0.40 is from current earnings and $0.20 is a liquidating dividend. On June 1, 2,000,000 shares were authorized and 1,600,000 shares were issued, and 1,500,000 shares were outstanding. Give all necessary journal entries related to the dividend.

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