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On January 1, your company repurchased 100 shares of $1 par value common stock for $5,000. On January 31, the board of directors authorized repurchase of 50 shares of the treasury stock for $60 per share. Which of the following journal entries should be recorded for January 31? m O A credit to Common Stock for $2,500 O A credit to Treasury Stock for $2,500 O A credit to Cash for $3,000 O A debit to Additional Paid-in Capital from Treasury Stock for $500 None of the entries is recorded correctly. Board of directors at Mendez Inc. declares a $1.50/share cash dividend on its 30,000 outstanding shares. Which of the following journal entries is recorded correctly? O DR: Retained Earnings $45,000; CR: Cash Dividends $45,000 DR: Cash Dividends $45,000; CR: Dividends Payable $45,000 O DR: Dividends Payable $45,000; CR: Cash $45,000 O DR: Cash Dividends $45,000; CR: Cash $45,000 O DR: Cash $45,000: CR: Cash Dividends $45.000