A company reported stockholders' equity on January 1 of the current year as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,025,000; Retained Earnings, $2,850,000. Prepare 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 stockholders of record on May 20, payable June 1. May 20 The date of record. June 1 Paid the cash dividend.