On February 5, 2018, Superb Rental Corporation's board of directors declared a dividend of $ 0.10, to be paid on March 18, 2018, to the shareholders of record as of the close of business on March 9, 2018. Superb has 5,500,000 shares of $ 0.01 par-value common stock authorized with 1,000,000 shares issued and outstanding. The company has no preferred stock.
Required:
1. Record the declaration of the explanations from any journal entries) dividend and the payment of the dividend. Include the proper dates with each journal entry.
