Axel Company declared an $0.80 per share cash dividend. The dividend will be paid on March Axel has 100,000 shares authorized, 45,000 shares issued, and 3,000 shares of treasury stock. The journiat entry to record the dividend declaration on March 4 will include a: A) credit to Dividends for $36,000. B) credit to Cash for $33,600. C) debit to Dividends for $33,600. D) debit to Retained Earnings for $36,000. E) credit to Dividends for $33,600. 35) Treasury stock is a(n): A) asset account. B) contra-asset account. C) contra-equity account. D) stockholders' equity account. E) liability account. Use the following information to answer questions 36 and 37. JC Corporation had 20,000 shares of $3 par value common stock outstanding on January 1. On January 20, the company purchased 2,000 of the outstanding shares for $16 per share. On July 3, the company reissued 1,000 of the shares at $20 per share. JC uses the cost method to account for its treasury stock. 36) What is the journal entry to record the purchase of the stock on January 20? Cash Treasury Stock 6,000 A) 6,000 6,000 26,000 Treasury Stock Additional Paid-in Capital B) 32,000 Cash Treasury Stock ran Cash 32,000 C) 32,000 32,000 Treasury Stock Common Stock 32,000 32,000 Common Stock Co Cash 32,000 8