On May $1,$ Year $1,$ Love Corporation declared a $$50,000$ cash dividend to be paid on May $31$ to shareholders of record on May $15.$

Required

a$.$ Record the events occurring on May $1,$ May $15,$ and May $31$ in a horizontal statements model.

b$.$ Prepare journal entries for all events associated with the dividend.

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

Record the events occurring on May $1,$ May $15,$ and May $31$ in a horizontal statements model. $($In the Statement of Cash Flows column, indicate whether the $i(OA),$ investing activity $($IA$),$ or financing activity $($FA$).$ Leave blank to indicate that an element was not affected by the event. Enter amounts to be deducted a minus sign.$)$

LOVE CORPORATION

Horizontal Statements Model

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On May $1,$ Year $1,$ Love Corporation declared a $$50,000$ cash dividend to be paid on May $31$ to shareholders of record on May $15.$

Required

a$.$ Record the events occurring on May $1,$ May $15,$ and May $31$ in a horizontal statements model.

b$.$ Prepare journal entries for all events associated with the dividend.

Complete this question by entering your answers in the tabs below.

Prepare journal entries for all events associated with the dividend. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[$i$,1,$May $01,$Cash,$50,000,],[,,$Dividends payable,,$50,000],[0,2,$May $15,$No journal entry required,,$],[0,3,$May $31,$Dividends payable,$50,000,],[,,$Cash,,$50,000],[$i$,4,$December $31,$Retained earnings,$50,000,],[,,$Cash,,$50,000]]$

On May $1,$ Year $1,$ Love Corporation declared a $$50,000$ cash dividend to be paid on May $31$ to shareholders of record on May $15.$

Required

a$.$ Record the events occurring on May $1,$ May $15,$ and May $31$ in a horizontal statements model.

b$.$ Prepare journal entries for all events associated with the dividend.

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

Record the events occurring on May $1,$ May $15,$ and May $31$ in a horizontal statements model. $($In the Statement of Cash Flows column, indicate whether the $i(OA),$ investing activity $($IA$),$ or financing activity $($FA$).$ Leave blank to indicate that an element was not affected by the event. Enter amounts to be deducted a minus sign.$)$

LOVE CORPORATION

Horizontal Statements Model