=+P14–1 Dividend payment procedures At the quarterly dividend meeting, Perfect Frame Manufacturing declared a $2.00 per share dividend for the holders on record on Monday, March 10. The outstanding common stock is 250,000 shares. The dividend payment date was set as Monday, March 31. Prior to the dividend declaration, the firm’s key accounts were as follows:

Cash $650,000 Dividends payable $0 Retained earnings $2,000,000