Cash Dividend ( 8 points) Beginning 2021, Korab Nutrition Corp. had dividends payable of US$ 225,000. During this year, the Board of Directors declared cash dividend of US$ 500,000. On December31st ,2021, the account dividends payable shows US670,000.

Instruction:

(show your calculations and round to 2 decimal places)

a) Determine the Amount of Cash Dividend paid during the year 2021.

b) Enter the transaction for a) into the journal.