Cash Dividends

The date of declaration, date of record, and date of payment in connection with a cash dividend of $$600,000$ on a corporation's common stock are January $1,$ March $15,$ and June $14,$ respectively.

Illustrate the effects on the accounts and financial statements for January $1.$ If no account or activity is affected, select $"$No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

Illustrate the effects on the accounts and financial statements for March $15.$ If no account or activity is affected, select $"$No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

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