Desert Apparel has 5,000 shares of common stock outstanding. On April 1, the company declares a $4 per share dividend to stockholders of record on April 15. The dividend is paid on April 30.
Record all necessary entries on the appropriate dates for cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. Record the declaration of Cash dividend of $4 per share to stockholders recorded on April 15.
2. Record Entry on April 15.
3. Record the cash dividend paid.
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