Ch11 Case Study Assignment - Part 1 On January 1, 2021, Crystelle Corporation had 50,000 shares of $1 par value common stock issued and outstanding Existing shares of common stock were issued at par value. During the year, the following transactions occurred: Mar. 1 June 1 June 30 Issued 60,000 shares of common stock for $400,000 Declared a cash dividend of $3.00 per share to stockholders of record on June 15. Paid the $3.00 cash dividend. Purchased 6,000 shares of common stock for the treasury for $20 per share. Declared a cash dividend on outstanding shares of $3,50 per share to stockholders of record on December 31. Dec. 1 Dec. 15 1-Prepare journal entries to record the above transactions. Debit Credit Account Name Date Mar. 1 Issued 60,000 shares of common stock for $400,000 Debit Credit Account Name June 1 Declared a cash dividend of $3.00 per share to stockholders of record on June 15 Credit Debit Account Name June 30 Paid the $3.00 cash dividend. Debit Credit Account Name Dec. 1 Purchased 6,000 shares of common stock for treasury for $20 per share. Credit Debit Account Name Dec. 15 Declared a cash dividend on outstanding shares of $3.50 per share to stockholders of record on December 31. Compute the total value and the total shares for Outstanding stock as of December 31, 2021: Total Value Total Shares Common stock Paid-in-capital in excess of par value Less: Treasury stock Outstanding stock as of Dec 31, 2021 2. Instructions for Posting (200 to 300 words - 60pts): a. Research and explain if public corporations are required to pay dividends b. What recourse do shareholders have, if a public corporation does not pay dividends? c. Explain "What are the two ways to an investor can make money from being shareholder in a company?" d. Explain why Warren Buffett prefers reinvesting profits Instead of paying dividends. Upload and attach your completed excel file to your posting