Aquamanu Developments is authorized to issue 500,000 shares. To date, the company has 176.900 shares issued and 143,500 outstanding Aquamanu is considering declaring a dividend to its common shareholders. Management is recommending the board of directors to consider the following options at the next meeting scheduled for March 1: 1 The boards of directors should approve a motion directing the company to pay a dividend of $0.40 per share on May 1 to shareholders of record on April 15 or 2 The board should approve a motion directing the company to declare a 10% stock dividend. Aquamanu would distribute one common share for every 10 common shares currently held. The company's common shares are currently selling for $49 per share (a) Prepare any necessary journal entries for the cash dividend on March 1, April 15, and May 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit March 1 April 15 May 1 (Date of declaration) (Date of record) (Date of payment)