E11-21 (Algo) Recording Dividends LO11-3, 11-4 Wilmington, Inc. brands touch the lives of people around the world. Assume that in the current year the company had 10 billion shares of common stock authorized, 4 billion shares issued, and 3 billion shares outstanding. Par value is $1 per share. Wilmington, Inc. has been paying a dividend for over 100 years. Required: Assume that Wilmington, Inc declared a dividend of $248 per share on October fto stockholders of record on October 15, Wilmington, Inc. paid the dividend on October 20. Prepare journal entries as appropriate for each date. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars not in billions .e., 1,000,000,000 not 1.0).) View transaction list View journal entry worksheet No Credit General Journal Date October 01 Debit 2,480,000,000 1 Retained earnings Dividends payable 248,000,000 2 October 15 No journal entry required 3 October 20 Dividends payablo Cash