King Tut Corporation has issued 25,000 shares of common stock, all of the same class; 18,000 shares

Question:

King Tut has issued 25,000 shares of common stock, all of the same class; 18,000 shares are outstanding and 7,000 shares are held as treasury stock. On December 1, 2011, King Tut’s board of directors declares a cash of $0.75 per share payable on December 15, 2011, to stockholders of record on December 10, 2011.

Required:
Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. Corporation
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