Cornerstone Exercise 10-32 Cash Dividends King Tut Corporation issued 19,000 shares of common stock, all of the same class; 12,000 shares are outstanding and 7,000 shares are held as treasury stock. On December 1, 2019, King Tut's board of directors declares a cash dividend of $0.50 per share payable on December 15, 2019, to stockholders of record on December 10, 2019 Required: Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank. (a) Retained Earnings (or Dividends 6,000 Dividends Payable 6,000 6,000 X (b) No entry required No entry required 6,000 x 6.000 c) Dividends Payable Cash 6.000 Feedback Check My Work Dividends are generally paid out of retained earnings. Dividends become an obligation to the company on the date of declaration