A Kim Corporation had the following shares outstanding when the board of directors declared a $103,000 cash dividend: 

$5 preferred shares 5000 issue on outstanding $ 250000

common shares 50000 issue and outstanding. 50000 

Allocate the dividend between the preferred and common shareholders assuming the preferred shares are cumulative and are one year in arrears

B. Hard Wok Cafe Corporation has 100,000 common shares outstanding. The following transactions related to the company's shares took place during the year: 

declare 30 share dividends record on May 1 issued on May10 current market value 10$ per share May 10 issued the share dividends

Prepare the journal entries to record the transactions, assuming the date of record is May 1.