Current Attempt in Progress Before preparing financial statements for the current year, the chilef accountant for Orlole Ltd. provided the following information regarding the accounting for dividends and stock spilts: 1 Oriole has 21,600, 54 noncumulative preferred shares issued. it paid the preferced shareholders the quarterly dividend, and. recorded it as a debit to Dividends Expense and a credit to Cash. 2. A.5\$s stock dividend (1,000 shares) was declared on the common shares when the fair vafue per share was 512 . To record the declaration Retained Eamings was debited and Dividends Payablewas credited. The shares have not been issued vet. 3. The compary dectared a 2 for -1 stock split on its 21.600 .54 noncumulative preferred shares, The average per share amount of the preferred thares before the splitwas $70. The split was recorded as adebit to Retalned Eamings of $1,512,000 and a credit to Preferred Shares ot $1.512000 Determine if each of the abgve transactions was recorded correctly and.if not, prepare the cornect entry. (Credit occount tities are. outomatically indented when the amount is entered. Do not indent manually it no entry is required, select "No Entry' for the ocrount tities and enter 0 for the amounts. List all debit entries before credit entries) Correctly recorded? 1. 2. 3. Account Titles Debit. Credit No. Date Dec: 31 2. Des. 31 3 Des ETexabokandimeda Hist or Accounts 2. 3. No. Date 1. Dec: 1 Account Titles Debit Credit 2. Dec 3. 31Dec elentbook and Media List of Accounts Atcempts 0 ot 2 ined