On December 31, 200D, the board of dire3ctors of Autumn Corporation during its annual stockholders meeting declared a dividend of 25 per share on all of its outstanding shares. On this date, the corporations issued shares totaled 14,000, however, 4,000 shares were in the treasury. Because of the companys commitment to its long-term creditors, some of its cash were set aside for the payment of these liabilities. Hence, the board of directors voted to issue scrip dividends on January 31, 200E payable on March 31, 200E to all stockholders of record as of January 15, 200E. The scrip dividends carry an interest rate of 18% per annum. (Scrip or liability dividends are payable in scrip, or promissory notes, and will be paid at some future date. The effect of scrip dividends is to extend the payment of dividends. The scrip may or may not be interest bearing.)

REQUIRED: Journalize the declaration, issuance, and payment of dividends.