The companys board of directors declared dividends of $14,725 during 2023. Prepare the journal entries to record the declaration and subsequent payment of dividends during the year.

Modern Furniture Ltd. is local retailer of home furnishings. The company reported the following items in its statement of financial position dated March 31, 2023 (amounts in thousands): The company's annual report included the following information: Warranty revenues are deferred and taken into income on a straight-line basis over the life of the warranty period. Warranty revenues included in revenues for fiscal year 2023 are $9,818 compared to $9,450 in 2022