Cash Dividends on Common Stock Wildebeest Corp. is authorized to issue 1,000,000 shares of common stock. At the beginning of 2011, Wildebeest had 330,800 issued and outstanding shares On July 2, 2011, Wildebeest purchased 1,310 shares of common stock for its treasury. On March and September 1, Wildebeest declared a cash dividend of $1.10 per share. The dividends were paid on April 1 and October 1 Hide 1. Prepare the entries to record the declaration of the two cash dividends. 2011 Mar. 1 Retained Earnings (or Dividenc Dividends Pavable (Record liability for dividends) Retained Earnings (or Dividenc) Sept. 1 Dividends Payable (Record liability for dividends) Hide Feedback Partially Correct Check My Work Feedback Record declaration of dividends with credit to dividends payable and debit retained earnings. Dividends are paid on outstanding shares at declaration date. Hide 2. Prepare the entries to record the payment of the two dividends. Apr. 1 Dividends Pavable Cash (Record payment of dividends) Dividends Payable Oct. 1 Cash (Record payment of dividends)