Company has declared dividend $545K on March'12 for the FY 2011.
Paid out $250K in March'12 and balance payable is $295K. What are the double entries?

To declare the dividend:
Debit Retained Earnings for the amount declared
Credit Dividends Payable for the amount declared

To pay the dividends:
Debit Dividends Payable for the amount paid
Credit Cash for the amount paid