Understanding the Business Transaction Cash dividends are declared on a per share basis. The total amount of dividends to be paid for each class of stock is determined by multiplying the dividends per share by the number of shares issued king Corporation declares cash dividends as shown below. The dividends were ormally authorized or payment on Novemberi for shareholders o record on November 20 and will be paid in cash to shareholders on December 5. Det er total dividends declared on King's common and preferred stock ne the Shares Dividends Total utstanding er share ividends common stock, $10 par 141.500 $2.9 410,350 Preferred Stock, $4 par 34,000 $0.45 15,300 Total dividends 425,650 Based on the data provided above Tor King Company, Tdentiry the date or deciaration, date or record, and date or payment Tor dividends oh King s common and prererred stock. Date of Dedaration November 1 Date of Record November 20 Date of Payment December 15 Recording in the Accounting System Journalize the entries that King Company will record on the date of declaration, date of record, and date of payment. If no entry is required, select "No Entry Required" and leave the amount boxes blank or enter "O. Nov. 1 Nov. 20 Dec. 15 At the end of the accounting period, the balance in Cash Dividends will be transferred to as part of the closing process. As a result, dividends the balance in Retained Earnings