Cornerstone Exercise 10-32 Cash Dividends King Tut Corporation has issued 25,000 shares of common stock, all of the same class; 18,000 shares are outstanding and 7,000 shares are held as treasury stock. On December 1, 2011, King Tut's board of directors declares a cash dividend of $0.75 per share payable on December 15, 2011, to stockholders of record on December 10, 2011. Required: Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. Cornerstone Exercise 10-33 Declaration of Cash Dividend Wilson Corporation declared a cash dividend of $80,000 on December 31, 2011. Required: What is the appropriate journal entry to record this declaration