Apple Corporation was authorized to issue 100,000 shares of $10 par common stock.

During 2018 Austin issued 30,000 shares at a market price of $15 per share.

On December 1, 2018, Austin declared a cash dividend of $2 per share payable on December 30 to stockholders of record as of December 15.

Required: Answer the following questions. Show details.                                                               

Indicate effect on financial statements on the date of declaration, date of record, and date of payment of the cash dividends. Use the model below.

Equity Retained Date Liabilities Cash Flow Assets Cash Dividends + Payable Earnings

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