- 5 TE Aquamanu Developments is authorized to issue 500,000 shares. To date, the company has 183,800 shares issued and 152.100 outstanding, Aquamanu is considering declaring a dividend to its common shareholders. Management is recommending the board of directors to consider the following options at the next meeting scheduled for March 1: The boards of directors should approve a motion directing the company to pay a dividend of $0.30 per share on May 1 to shareholders of record on April 15 or 2 The board should approve a motion directing the company to declare a 10% stock dividend, Aquamanu would distribute one common share for every 10 common shares currently held. The company's common shares are currently selling for $49 per share. Prepare any necessary Journal entries for the cash dividend on March 1. April 15. and May 1. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. W no entry is required, select "No entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (Date of declaration) (Date of record) (Date of payment) List of Accounts List of Accounts Accumulated Other Comprehensive Income Cash Common Shares Dividends Declared - Common Shares Dividends Declared - Preferred Shares Dividends Payable Equipment Income Summary Land No Entry Operating Expenses Preferred Shares Retained Earnings Sales Revenue Stock Dividends Declared Stock Dividends suable AL signment Question 1 of 4 -/5 View Policies Current Attempt in Progress The articles of incorporation of Curtis Airlines Co. authorized 5 million common shares. The company originally issued 3,920,000 common shares. However, over the years the company had repurchased and cancelled 730,000 common shares. The board declared a $0.60 cash dividend on January 1 and July 1. The date of record for the dividends is the 15th of the month, and the shares trade ex- dividend on the 13th. The dividends are paid on the last day of the month in which they were declared. The board of directors also declared a 5% stock dividend on October 31, and the market price on the date of declaration was $12.90 per share. The stock dividend was distributed on the date of declaration Prepare all of the journal entries required to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts) Date Account and explanation Debit Credit Prepare all of the journal entries required to record the above transactions. (Creofit account titles are automatically indented when the amount is entered. Do not indentally no en by is required, select "No Entry for the account title and enter for the amounts Date Account and explanation Debit Credit List of Accounts Altempts of used - 5 TE Aquamanu Developments is authorized to issue 500,000 shares. To date, the company has 183,800 shares issued and 152.100 outstanding, Aquamanu is considering declaring a dividend to its common shareholders. Management is recommending the board of directors to consider the following options at the next meeting scheduled for March 1: The boards of directors should approve a motion directing the company to pay a dividend of $0.30 per share on May 1 to shareholders of record on April 15 or 2 The board should approve a motion directing the company to declare a 10% stock dividend, Aquamanu would distribute one common share for every 10 common shares currently held. The company's common shares are currently selling for $49 per share. Prepare any necessary Journal entries for the cash dividend on March 1. April 15. and May 1. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. W no entry is required, select "No entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (Date of declaration) (Date of record) (Date of payment) List of Accounts List of Accounts Accumulated Other Comprehensive Income Cash Common Shares Dividends Declared - Common Shares Dividends Declared - Preferred Shares Dividends Payable Equipment Income Summary Land No Entry Operating Expenses Preferred Shares Retained Earnings Sales Revenue Stock Dividends Declared Stock Dividends suable AL signment Question 1 of 4 -/5 View Policies Current Attempt in Progress The articles of incorporation of Curtis Airlines Co. authorized 5 million common shares. The company originally issued 3,920,000 common shares. However, over the years the company had repurchased and cancelled 730,000 common shares. The board declared a $0.60 cash dividend on January 1 and July 1. The date of record for the dividends is the 15th of the month, and the shares trade ex- dividend on the 13th. The dividends are paid on the last day of the month in which they were declared. The board of directors also declared a 5% stock dividend on October 31, and the market price on the date of declaration was $12.90 per share. The stock dividend was distributed on the date of declaration Prepare all of the journal entries required to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts) Date Account and explanation Debit Credit Prepare all of the journal entries required to record the above transactions. (Creofit account titles are automatically indented when the amount is entered. Do not indentally no en by is required, select "No Entry for the account title and enter for the amounts Date Account and explanation Debit Credit List of Accounts Altempts of used