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On January $1,$ Sunland Corporation had $54,700$ shares of no$-$par common stock issued and outstanding. The stock has a stated value of $$4$ per share. During the year, the following transactions occurred.

Apr. $1$ Issued $9,500$ additional shares of common stock for $$11$ per share.

June $15$ Declared a cash dividend of $$1\mathrm{.}50$ per share to stockholders of record on June $30.$

July $10$ Paid the $$1\mathrm{.}50$ cash dividend.

Dec. $1$ Issued $4,200$ additional shares of common stock for $$11$ per share.

$15$ Declared a cash dividend on outstanding shares of $$1\mathrm{.}60$ per share to stockholders of record on December $31.$

Your answer is correct.

Prepare the entries, if any, on each of the three dates that involved dividends. $($Record journal entries in the order presented in the problem. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

June $15$

Cash Dividends

Dividends Payable

$96300$

July $10$

Dividends Payable

Cash

$96300$

Cash Dividends

$109440$

Dividends Payable

$109440$

$($b$)$

How are dividends and dividends payable reported in the financial statements prepared at December $31?$

On the retained earnings statement, dividends of $ will be deducted. On the balance sheet, Dividends

Payable of $

will be reported as a

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