1. On June 1, Ace Hotel Corporate had 80,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $10 per share. During the year, the following occurred: Aug. I Declared a cash dividend of $1.50 per share to stockholders of record on August 30. Oct. 1 Paid the $1.50 per share cash dividend. Dec. 3. Declared a 5\% stock dividend on the outstanding shares to stockholders of record on December 31. The current market price is $12. Prepare the entries for the above transactions. Answer (a) to (f). "Use parentheses only for negative number. Aug. 1 Retained Earnings (Cash Dividends) (80,000$1.50) Dividends Payable Oct. 1 Dividends Payable Cash Dec. 3 Retained Earnings (Common Stock Dividends) (800005%$12) Common Stock Dividends Distributable (800005%$10) Puid-in Capital -stock dividends. (a) (b) (c) (d) 48,000 48,000 (c) (f) 2. On January 1, 2022, HTM Hotels Corporation had Retained Earnings of $580,000. During the year, the HTM had the following selected transactions. Answer (g) and (j). *Use parentheses only for negative number. - Declared cash dividends $120,000. - Corrected overstatement of 2017 net income because of depreciation error $20,000. - Earned net income $310,000. - Declared stock dividends $60,000. - Prepare a retained earnings statement for the year. HTM HOTELS CORPORATION Retained Earnings Statement For the Year Ended December 31, 2022