Revise your calculations based the new information provided below and then answer the questions that follow.

Beginning number of shares issued	528,000
Additional shares issued during the year	128,000
Beginning treasury shares	48,000
Portion of treasury shares resold	10%
Dividends per share	$0.20
Beginning retained earnings	$540,000
Net income for the year	$390,000

Required: 1. Calculate the number of outstanding shares of common stock: (Amounts to be deducted should be indicated by a minus sign.)

Beginning	528,000
Additional issuances	128,000
Treasury shares
Total outstanding

2. Prepare the journal entries to record the dividends. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

• Record the entry on the declaration date for the dividends to be paid on the common shares outstanding.

Date	General Journal	Debit	Credit
December 01	Dividends
	Dividends Payable

• Record the entry needed on December 20, the record date.

Date	General Journal	Debit	Credit
December 20	No Journal Entry Required

• Record the payment of the dividends on the payment date, December 31.

Date	General Journal	Debit	Credit
December 31	Dividends Payable
	Cash

3. Calculate the ending balance of Retained Earnings: (Amounts to be deducted should be indicated by a minus sign.)

Beginning	$
Net income
Dividends
Ending	$1