Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2012, there were 500,000 shares issued and outstanding. On June 30, 2012, the board of directors declared a $0.30 per share cash dividend to be paid on August 1, 2012.

Instructions

Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record and (c) payment date.