On July 1, 2015, Hardy Drivers Ltd. has the following capital account balances:
$1.75 preferred shares, 50,000 authorized, 30,000 issued and outstanding .............$ 700,000
Common shares, unlimited authorized, 450,000 issued and outstanding ...............2,030,000
Total contributed capital .......................................................................2,730,000
Retained earnings .............................................................................. 2,100,000
Total shareholders' equity ....................................................................$4,830,000
On May 10, Hardy Drivers declared a 5% common share dividend to be issued July 10 to shareholders of record on June 10. The market price was $32.50 per share on May 10.
Journalize the entries required on May 10, June 10, and July 10.