The board of directors of the company has decided that the interests of the shareholders will be best served if the company is liquidated in an orderly fashion, with the proceeds to be distributed to the shareholders. As the first installment in this liquidation, a total dividend of $500,000 was distributed to the shareholders. Of this amount, $30,000 is a regular dividend, and $470,000 is a liquidating dividend. Make the journal entries necessary to record the declaration and payment of this combined dividend.