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The Board of Directors of Acme Corporation met on July 5, 2020 and declared a...

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Accounting

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The Board of Directors of Acme Corporation met on July 5, 2020 and declared a dividend of $1.25 per share to stockholders of record on July 18 to paid in cash on July 30. At the time of the declaration of the dividend the company had been authorized to sell 100,000 shares and had actually issued to stockholders 30,000 shares Instructions: Record the entries, if any, on the (1) date of declaration, (2) date of record, and (3) date of payment

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