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Following is a recent Giga Tech. press release: REDMOND, Wash.—Nov. 29, 2017 — Giga Tech. on...

Following is a recent Giga Tech. press release:

REDMOND, Wash.—Nov. 29, 2017 — Giga Tech. on Wednesday announced that its board of directors declared a quarterly dividend of $0.15 per share. The dividend is payable March 8, 2018, to shareholders of record on Feb. 15, 2018. The ex-dividend date will be Feb. 14, 2018.

Prepare the journal entries Giga Tech. used to record the declaration and payment of the cash dividend for its 8,300 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Record the journal entry on the declaration date.

Record the journal entry on the date of record.

Record the journal entry on the payment date.

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Answer #1
Answer

Date

 Accounts title Debit Credit
Transaction -1 29-Nov-17 Retained Earning $     1,245
   Dividend payable (8300*0.15) $     1,245
(To record Dividend declared)
Transaction -2 No Entry us required
Transaction -3 15-Feb-18 Dividend payable $     1,245
   Cash $     1,245
(To Record Cash Dividend paid)
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