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Problems 1. On March 1, 2020, Garrison Incorporated declared a cash dividend on its 1,500 outstanding shares of $50 par value, 5% preferred stock. The dividend will be paid on May 1, 2020 to the stockholders of record as of April 1, 2020. [40 points 10 points each] A. Prepare the journal entry to record the event of March 1, 2020. Account Debit Credit + B. The entry to record the dividend on March 1, 2020 will have which of the following financial statement effects? Assets Liab. + Equity Rev .. Exp. - Net Inc. Cash Flow A NA (7,500) (7,500) NA. 7,500 = (7,500) NA B. NA = 3750 + (3750) NA NA NA NA NA C. 7,500 + (7,500) NA ) NA NA NA D. (3750) | 3750 | + |(3750) NA-NA | = | NA (3750) FA ) = = C. Prepare the journal entry to record the dividend event of May 1, 2020, Account Debit Credit D. Which of the following reflects the financial statement effects on the May 1, 20208 date of payment? Equity Rev. Exp. = Net Inc. Cash Flow Assets = Liab NA NA NA NA NA NA NA A. B NA | NA (7,500) (3750) (7,500) (3750) NA NA NA (7,500) OA (3750) FA NA NA C. NA 1 3750 (3750) NA D. NA (3750) FA