51) A company has issued 200,000 new shares to shareholders in exchange for $4,000,000 cash. The shares are \$1 par common shares. What is needed in the journal entry to record this issuance of shares? Debit to common stock, $1 par for $200,000 Credit to common stock, $1 par for $4,000,000 Debit to paid-in capital in excess of par for $4,000,000 Credit to paid-in capital in excess of par for $3,800,000 62. What are the characteristics of a company that has a large retained earnings balance? High profits, high dividends, and long history Low profits, low dividends, and short history High profits, low dividends, and long history Low profits, high dividends, and short history (63) On March 23, a company declared a dividend of $3.00 per share to be paid on July 12 to shareholders of record on June 6 . There are 50,000 shares outstanding. What is needed in the journal entry to record the payment of the dividends on July 12? Credit to dividends payable for $150,000 Debit to dividends payable for $150,000 Debit to cash for $150,000 Credit to dividends for $150,000