Answer:
June 1st:
Retained Earnings (Dr.) $8,000,000
Dividends Payable (Cr.) $8,000,000
June 30th
Dividends Payable (Dr.) $8,000,000
Cash (Cr.) $8,000,000
These entries will remain same even in the case of liquidating dividend.
Explanation:
On June 1st the dividend is declared so the journal entry will be
Retained Earnings (Dr.) $8,000,000
Dividends Payable (Cr.) $8,000,000
There will be no journal entry on June 14th.
On June 30th the dividend is paid:
Dividends Payable (Dr.) $8,000,000
Cash (Cr.) $8,000,000
The entry would not have differed if it was a liquidating dividend.
