Answer:
Jul-01	
Dr Retained Earnings $324,800	
 Cr Common stock dividend distributable $232,000 
 Cr Paid-in capital in excess of par value - Common stock 92,800
 
Explanation:
Preparation of the journal entry to record the dividend declaration is: 
 
Jul-01	
Dr Retained Earnings $324,800
(58,000 shares x 20% x $28) 
 Cr Common stock dividend distributable $232,000
 (58,000 shares x 20% x $20) 
 Cr Paid-in capital in excess of par value - Common stock 92,800
 (58,000 shares x 20% x $8)