E11-13 (Algo) Accounting for Dividends [LO 11-3] Driver Industries is a leading global manufacturer and marketer of power tools, hardware, and home improvement products. A press release contained the following announcement NEW BRITAIN. Connecticut-(BUSINESS WIRE)October 15, 2019-Driver Industries (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $0.69 per common share. This extends the company's record for the longest consecutive annual and quarterly dividend payments among Industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, December 17, 2019, to shareholders of record as of the close of business on Friday, November 29, 2019 At the time of the press release, the company had 308 million shares authorized and 156.0 million outstanding. The par value for the company's stock is $250 per share. Required: 1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account Assuming no other dividends were declared during the year prepare the closing entry (if no entry is required for transaction/event, select "No Journal Entry Required" in the first account field, Enter your answers in dollars not in millions.) C 2 Record the declaration of a cash dividend of $0.69 per share. Note: Enter debits before credits. Date General Journal Debit Crec October 15 Record entry Clear entry View gener Record the entry on the date of record for a cash dividend of $0.69 per share payable on the 156 million shares of stock outstanding. Note: Enter debits before credits. Date General Journal Debit Credit November 29 Record entry Clear entry View general journal Journal entry worksheet Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit December 17 Record entry Clear entry View general journal Journal entry worksheet