On October 23, 2020, the Kellogg Company (brands include Kelloggs, Pringles, Eggo, Cheez-It, and many others) made the following dividend announcement:

Kellogg Company (NYSE: K) today announced that its Board of Directors declared a dividend of $0.57 per share on the common stock of the Company, payable on December 15, 2020, to shareowners of record at the close of business on December 1, 2020.

Questions

1. What is the impact on Kelloggs balance sheet related to the dividend on the following dates:
   1. October 23, 2020
   2. December 1, 2020
   3. December 15, 2020
2. On what date will a shareholder receive the cash dividend?
3. On what date does the dividend become a liability for Kelloggs?
4. Does the dividend announcement or payment have an impact on net income? Explain.