On April 15 2010 board of directors declared a cash dividend of 40 cents per share payable to stockholders of record on may 20. The dividends will be paid on June 14. The company has 500,000 shares of stock outstanding. Prepare journal entries for each date.

On the declaration date:
Debit Retained Earnings for the amount
Credit Dividends Payable for the amount

On the payment date:
Debit Dividends Payable for the amount
Credit Cash for the amount.

No other entries resquired

To calculate the amount take the number of shares outstanding times the cash dividend per share.