Cash Dividends on Common Stock Berkwild Company is authorized to issue 2,000,000 shares of common stock. At the beginning of the year, Berkwild had 324,000 issued an- outstanding shares. On July 2, Berkwild repurchased 4,610 shares of its common stock at $28 per share. On March 1 and September 1, Berkwild declared a cash dividend of $1.10 per share. The dividends were paid on April 1 and October 1. Required: 1. Prepare the journal entries to record the declaration of the two cash dividends. If an amount box does not require an entry, leave it blank. Mar. 1 Sept. 1 38 2. Prepare the journal entries to record the payment of the two dividends. If an amount box does not require an entry, leave it blank. Apr. 1 Oct. 1 3. Conceptual Connection: Explain why the amounts of the two dividends are different