1.) Fowler Co.'s balance sheet showed the following at December 31, 2021:

Common stock, $10 par$105,000Paid-in capitalexcess of par52,500Retained earnings21,000

A cash dividend is declared on December 31, 2021, and is payable on January 20, 2022, to shareholders of record on January 10, 2022.

Required:

1.Prepare appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.

2.Prepare appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

2.) During the current year JET Industries issued 4.00 million of its $1 par common shares to its underwriters for $24,000,000 less promotional and accounting services of $400,000 to effect the issue.

Required:

Prepare the journal entry to record the issuance of the shares.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)