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 248,000 issued and 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 dedared 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. Fentoo: T Check My Won 4 Divitente hecome an obilgation to the company on the date of ceclaration Prepare the journal entries to record the payment of the two dividends. If an amount box does not require an entry, leave it blank