Problem V: Emile Inc. has the following capital structure: Common stock: $5 par, 400,000 shares authorized, 350,000 Additional paid-in capital Total paid-in capital Retained earnings Treasury stock: 95,000 shares Total stockholders' equity shares issued, and 255,000 shares outstanding$1,750,000 3,000,000 4,750,000 20,000,000 (250,000) A. Assume Emile declares a dividend of S.60 (sixty cents) per share on 5/1/X4 payable on 6/15/X4. In the space below, prepare the journal entry on the declaration date and the subsequent payment date and answer the question which follows Date Account Name Debit Credit 5/1/X4 6/15/X4 B. Using the words increase, decrease, or no effect along with the amount, indicate how the 5/1/X4 transaction (dividend declaration) affects each component of Emile's accounting equation? Note: "no effect" must be indicated where appropriate. Assets Liabilities Stockholders' Equit C. Using the words increase, decrease, or no effect along with the amount, indicate how the 6/15/X4 transaction (dividend payment) affects each component of Emile's accounting equation? Note: "no effect" must be indicated where appropriate. Assets Liabilities Stockholders' Equity