On February 15, 20X7, Mangrove Entity's (ME) financial statements for the reporting period ended December 31, 20X7, were authorized for issue. On December 28, 20X7, ME declared a dividend of $200,000 to be paid on February 5, 20X8. How should ME account for this event?

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The Answer of On February 15, 20X7, Mangrove Entity's (ME) financial statements for the reporting period ended December 31, 20X7, were authorized for issue. On December 28, 20X7, ME declared a dividend of $200,000 to be paid on February 5, 20X8. How should ME account for this event?

On February 15, 20X7, Mangrove Entity's (ME) Financial Statements for the Reporting