Before preparing financial statements for the current year, the chief accountant for Carla Vista Ltd. provided the following information regarding the accounting for dividends and stock splits:

1.		Carla Vista has 18,000, $4 noncumulative preferred shares issued. It paid the preferred shareholders the quarterly dividend, and recorded it as a debit to Dividends Expense and a credit to Cash.
2.		A 5% stock dividend (1,000 shares) was declared on the common shares when the fair value per share was $12. To record the declaration, Retained Earnings was debited and Dividends Payable was credited. The shares have not been issued yet.
3.		The company declared a 2-for-1 stock split on its 18,000, $4 noncumulative preferred shares. The average per share amount of the preferred shares before the split was $70. The split was recorded as a debit to Retained Earnings of $1,260,000 and a credit to Preferred Shares of $1,260,000.

Determine if each of the above transactions was recorded correctly and, if not, prepare the correct entry. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
(1) Dec. 31	enter an account title to record payment of cash dividend on December 31	enter a debit amount	enter a credit amount
	enter an account title to record payment of cash dividend on December 31	enter a debit amount	enter a credit amount
	(To record payment of cash dividend.)
(2) Dec. 31	enter an account title to record declaration of stock dividend on December 31	enter a debit amount	enter a credit amount
	enter an account title to record declaration of stock dividend on December 31	enter a debit amount	enter a credit amount
	(To record declaration of stock dividend.)
(3) Dec. 31	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount