Prepare a Journal entry for this

Aylmer Industries Inc. (Aylmer) has been in business since 2018. Aylmer has two main business segments. This first segment is the construction of large-scale projects. In 2020, Aylmer had two large construction projects in process. The other segment is the purchase and sale of small machines needed for the construction industry.

There are 250,000 common shares outstanding of this publicly traded company. Since Aylmer is a publicly traded company, it follows IFRS.

There are no preferred shares outstanding

M. Dividends

On December 31, 2020 a dividend of $0.70 was declared to shareholders of record on January 10, 2021 to be paid January 29, 2021.