The E. Delos Santos, Inc. board of directors voted on June 1, 2018, to declare a 10% shares distributable on July 1, to shareholders or record as June 15. On June 1, E. Delos Santos has 500,000 shares of P10 par ordinary shares authorized, 55,000 shares are issued and 5,000 shares are held as treasury stock. E Delos Santos stock is selling P34 per share on June 1.

Required:

Prepare the entries needed on the declaration, record and payment dates.

Note: Please Explain the amounts.