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Wilmington, Incorporated brands touch the lives of people around the world. Assume that in the...

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Accounting

Wilmington, Incorporated brands touch the lives of people around the world. Assume that in the current year the company had 10 billion shares of common stock authorized, 4 billion shares issued, and 3 billion shares outstanding. Par value is $1 per share. Wilmington, Incorporated has been paying a dividend for over 100 years. Required: Assume that Wilmington, Incorporated declared a dividend of $2.60 per share on October 1 to stockholders of record on October 15. Wilmington, Incorporated paid the dividend on October 20. Prepare journal entries as appropriate for each date.

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