Question 11 (1 point) On May 31, ABC Corporation declared a dividend of $.50 per common share outstanding to the shareholders of record on June 10 to be paid June 15. ABC Corporation has 10,000 authorized common shares and 8,000 outstanding common shares. Which of the following journal entries should be made on May 31? 4,000 5,000 1) Cash Dividends 4,000 Common Dividend Payable 2) Cash Dividends 5,000 Common Dividend Payable 3) Common Dividend Payable 4,000 Cash 4) Common Dividend Payable 5,000 Cash 4,000 5,000 5) No entry is required