Following is a recent businesssoftware corp. press release: redmond, wash.—march 16, 2016 — businesssoftware corp. today announced that its board of directors have declared a quarterly dividend of $0.18 per share. the dividend will be payable on june 9, 2016, to shareholders of record on may 19, 2016. the ex-dividend date will be may 17, 2016 prepare the journal entries businesssoftware corp. used to record the declaration and payment of the cash dividend for its 8,600 million shares.

Explanation:

1. The journal entry for declaration of dividend is shown below:

Retained Earnings A/c Dr

= (8,600 million shares × $0.18 per share) = $1,548 million

          To Dividend payable in cash                                         $1,548 million

(Being dividend is declared)

2. No journal entry should be passed on the record date

3. The journal entry for payment of the cash dividend is shown below:

Cash dividend payable A/c Dr     $1,548 million

      To Cash                                                              $1,5480 million

(Being payment is made for cash dividend)

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(b) management: leadership