Following is a recent Target press release: MINNEAPOLIS, March 12, 2020 /PRNewswire/The board of directors of Target Corporation (NYSE:TGT) has declared a quarterly dividend of 66 cents per common share. The dividend is payable June 10, 2020, to shareholders of record at the close of business May 20, 2020.

Prepare the journal entries Target used to record the declaration and payment of the cash dividend for its 500 million shares.