On January 1, Sharon Ltd's equity was as follows: common shares, unlimited shares authorized and 75,000 shares issued and outstanding. Prepare journal entries to record the following transactions: Mar-01 A cach dividend of $1.20 per share was declared by the board of directors to the chareholders of record on May 20, payable on June 3. Jun-03 Paid the cash dividend.

On Januery 1. Sharon Ltd's equity was as follows: common shares, unlimited shares authorized and 75,000 shares issued and outstanding. Prepare journal entries to record the following transactions: Mar-01 A cach dividend of \\( \\$ 120 \\) per share was deelued by the bourd of direstors to the shreholders of record on May \\( 20^{*} \\), payable oa Jun Jun-03 Prid the cash dividend