Cash Dividends on Common Stock Wildebeest Corp. is authorized to issue 2,000,000 shares of common stock. At the beginning of the year, Wildebeest had 362,000 issued and outstanding shares. On July 2, Wadebeest repurchased 4,600 shares of its common stock at $28 per share. On March 1 and September 1, Wildebeest 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 Dividends Declared Dividends Payable Sept. 1 Dividends Declared Dividends Payable 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 Dividends Payable Cash Oct. 1 Dividends Payable Cash 10 11 3. Conceptual Connection: Explain why the amounts of the two dividends are different. The number of shares outstanding Becreased due to the purchase of treasury stock on July 2