Following is a recentMicrosoftpress release REDMOND, Wash September 18, 2009 Microsoft Corp today announced that its board of directors declared a quarterly dividend of $0 13 per share The dividend is payable December 10, 2009 to shareholders of record on November 19, 2009 Prepare the journal entri...

Declaration date in millions Retained ...

Following is a recentMicrosoftpress release: REDMOND, Wash.September 18, 2009 Microsoft Corp. today announced that its board of

Question:

Following is a recent Microsoft press release:

REDMOND, Wash.—September 18, 2009— Microsoft Corp. today announced that its board of directors declared a quarterly of $0.13 per share. The is payable December 10, 2009 to shareholders of record on November 19, 2009.

Prepare the journal entries Microsoft used to record the declaration and payment of the cash for its 8,908 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...