as Cactus Joe Corporation 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 Paid-in Capital in Excess of Par Value, Common Stock, $1,025,000 Retained Earmings, S1,850,000. Prepare journal entries to record the following transactions cash dividend of $1.05 per common share was declared by the board of directors to stockholders of record on May 20, payable June 1 lay 20 date of record 1 Paid the cash dividend