Section 5 (7 marks) Corporation's Dividend Declaration and Payment Journal Entries The following information and transactions took place during 2022 in Aakash Chauhan Inc. June 15: October 28: December 31: Declared a $5.50 per share cash dividend on 40,000 common shares issued and outstanding. Paid the cash dividends declared on March 25 Preparing closing entries to the Income Summary. The balance in the income summary is $80,000 credit. Required Prepare journal entries for the above transactions

\\( +\\quad \\) Section 5 Corporation's Dividend Declaration and Payment Journal Entries (7 marks) The following information and transactions took place during 2022 in Aakash Chauhan Inc. June 15: Declared a \\( \\$ 5.50 \\) per share cash dividend on 40,000 common shares issued and outstanding. October 28: Paid the cash dividends declared on March 25 December 31: Preparing closing entries to the income Summary. The balance in the income summary is \\( \\$ 80,000 \\) credit Required Prepare journal entries for the above transactions