A company reported stockholders' equity on January 1 of the current year as follows; common stock, $5 par value, 1,000,000 shares authooruzed, 600,000 shares issued; contributed capital in excess of par value, common stock , $1,025,000; retained earnings, $2,850,000. Prepare the journal entries to record the following transactions:

May 1	A cash dividend of $1.10 per common share was declared by the board of directors to stockholder of record on May 20, payable June 1.
May 20	The date of record.
June 1	Paid the cash dividend.