(Declaration and Payment of Dividend)- On February 1, Kristy Corporation declared a cash declared a cash dividend of $2 a share on 70,000 shares payable March 15 to all stockholders. The record date for the dividend is February 24.

Instructions:

(a) Prepare the journal entry to record the declaration of dividends on February 1.

(b) Prepare the journal entry for the record date on February 24.

(c) Prepare the journal entry to record the payment of dividend on March 15.