Question: Question 22 5 pts Michael, Inc. is authorized to issue 50,000 shares of $50 par value, 8% cumulative, preferred stock and 750,000 shares of $5

Question 22 5 pts Michael, Inc. is authorized to issue 50,000 shares of $50 par value, 8% cumulative, preferred stock and 750,000 shares of $5 par value common stock. On December 1, declared $1.00 per share cash dividend on 96,000 shares common stock outstanding Prepare a journal entry to record the following transaction that occurred during the first year of operations. If no entry is required, indicate "No Entry Required: December 15, cash dividend date of record: DR CR BI VAAI E X3. a* X 5 = - 1 12pt - Paragraph - words

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