On March 15, American Eagle declares a quarterly cash dividend of $0.060 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 223 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i. e. 5.5 should be entered as 5,500,000).)

American Eagle Journal entries

March 15 (Declaration date)

Dr Dividends $13,380,000

Cr Dividends Payable $13,380,000

March 30 (Date of Record)No Entry

April 13 (Payment Date)

Dr Dividends Payable $13,380,000

Cr Cash $13,380,000

Explanation:

March 15 (Declaration date)

Dr Dividends (223 million shares x $0.060)

$13,380,000

Cr Dividends Payable $13,380,000

March 30 (Date of Record)No Entry

April 13 (Payment Date)

Dr Dividends Payable (223 million shares x $0.060) $13,380,000

Cr Cash $13,380,000

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