Travis Corporation expected to pay its stockholders a dividend in January 2020 The cash dividend of $75,000 was declared on December 31, 2019 Required What is the appropriate journal entry to record this declaration ...

Travis Corporation expected to pay its stockholders a dividend in January 2020. The cash dividend of $75,000

Question:

Travis expected to pay its stockholders a in January 2020. The cash of $75,000 was declared on December 31, 2019.
Required:
What is the appropriate journal entry to record this declaration?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...