A recent annual report for Malestrom Inc. disclosed that the company declared and paid dividends on common stock in the amount of $1.50 per share. During the year, Malestrom had 1,014,000,000 authorized shares of common stock and 191,340,000 issued shares. There is no treasury stock.

Required:

Assume Malestrom declared the entire dividend ($1.50 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).)