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Our company earned a net income of $150,000 for 2017. On January 3, 2018, we declared a $1.20 per share dividend on our 100,000 outstanding shares of common stock to shareholders of record as of January 15, 2018. We will pay the dividend on February 3, 2018. Which account and amount should we credit when we journalize the entry needed on the date of declaration (January 3)

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Our company earned a net income of $150,000 for 2017. On January 3, 2018, we

declared a $1.20 per share dividend on our 100,000 outstanding shares of common stock to shareholders of record as of January 15, 2018. We will pay the dividend on February 3, 2018. Which account and amount should we credit when we journalize the entry needed on the date of declaration (January 3)

 
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