The journal entries to Summit Hawk's declaration and payment of cash dividends is: Debit Dividend $18,530,000; Credit Dividend payable $18,530,000
<h3>Journal entries</h3>
March 15
Debit Dividend $18,530,000
(218,000,000 shares × $0.085)
Credit Dividend payable $18,530,000
(To record cash dividend declaration)
March 30
No entry
April 13
Debit Dividend payable $18,530,000
(218,000,000 shares × $0.085)
Credit Cash $18,530,000
(To record payment of cash dividend)
Therefore the journal entries to Summit Hawk's declaration and payment of cash dividends is: Debit Dividend $18,530,000; Credit Dividend payable $18,530,000.
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