Hello.

I need help with this question. This question has required 1 and required 2, and each has three journal entry.

Fowler Co.'s balance sheet showed the following at December 31, 2018:

Common stock, $10 par$112,000Paid-in capital - excess of par56,000Retained earnings22,400

A cash dividend is declared on December 31, 2018, and is payable on January 20, 2019, to shareholders of record on January 10, 2019.

Required:

1.create all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.

2.Create all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

Requirement 1:

1. Record cash dividend declared on December 31, 2018.
2. Record the entry on date of record.
3. Record payment of cash dividend.

Requirement 2;

Record cash dividend declared on December 31, 2018.

Record the entry on date of record.

Record payment of cash dividend.

I attached a screenshot.

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