Cash Dividends}

King Tut Corporation has issued 25,000 common shares, all of the same class. On December 1 , 2018, King Tut's Board of Directors declares a cash dividend of \(\$ 0.75\) per share payable on December 15, 2018, to shareholders of record on December 10, 2018.

\section*{Required:}

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

\section*{Cornerstone Exercise