Gibbs Corporation has 5 million shares of common stock issued and 2 million shares outstanding. On April 1, the board of directors declared a $1,500,000 dividend to common shareholders on record as of May 1, payable July 1.

Prepare a journal entry, if needed, for each date above assuming the dividend represents a regular cash dividend distribution.

Prepare a journal entry, if needed, for each date above assuming the dividend represents a liquidating dividend.