Question: Fill in blanks please Exercise 10-66 (Algorithmie) Cash Dividends on Common Stock Berkwild Company is authorized to issue 1,000,000 shares of common stock. At the

Fill in blanks please Fill in blanks please Exercise 10-66 (Algorithmie) Cash Dividends on Common

Exercise 10-66 (Algorithmie) Cash Dividends on Common Stock Berkwild Company is authorized to issue 1,000,000 shares of common stock. At the beginning of 2019, Berkwild had 330,700 issued and outstanding shares. On July 2, 2019, Berkwild repurchased 1,310 shares of common stock. On March 1 and September 1, Berkwild declared a cash dividend of $1.10 per share. The dividends were paid on April 1 and October 1. Required: 1. Prepare the entries to record the declaration of the two cash dividends. 2019 Mar. 1 Retained Earnings (or Dividends) Dividends Payable (Record liability for dividends) Sept. 1 Retained Earnings (or Dividends) Dividends Payable (Record liability for dividends) 2. Prepare the entries to record the payment of the two dividends. 2019 Apr. 1 Dividends Payable Cash (Record payment of dividends) Oct. 1 Dividends Payable Cash (Record payment of dividends)

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