approved a regular fourth-quarter cash dividend of $0.58 per common share. This extends the co con mpany's record for the longest ive annual and quarterly dividend payments among industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, December 20, 2016, to shareholders of record as of the close of business on Friday, December 2 2016 At the time of the press release, the company had 303 million shares authorized and 145.3 million outstanding. The par value for the company's stock is $2.50 per share. Required 1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars not in millions.) Journal entry worksheet Record the declaration of a cash dividend of $0.58 per share. Date October 20, 2016 Next 14 of 14