Following is a recent Microsoft press release REDMOND, Wash March 16, 2016 Microsoft today announced that its board of directors have declared a quarterly dividend of $0 36 per share The dividend will be payable on June 9, 2016, to shareholders of record on May 19, 2016 The ex dividend date will be...

Declaration date in millions Retained ...

Following is a recent Microsoft press release: REDMOND, Wash.-March 16, 2016 -Microsoft today announced that its board

Question:

Following is a recent Microsoft press release:
REDMOND, Wash.-March 16, 2016 -Microsoft today announced that its board of directors have declared a quarterly of $0.36 per share. The will be payable on June 9, 2016, to shareholders of record on May 19, 2016. The ex-dividend date will be May 17, 2016.
Prepare the journal entries Microsoft used to record the declaration and payment of the cash for its 7,870 million shares.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...