Common Dividends Thompson Payroll Service Ltd. began in 2018 with unlimited authorized and 820,000 issued and outstanding no par common shares. During 2018, Thompson entered into the following transactions: a. Declared a $0.20 per share cash dividend on March 24. b. Paid the $0.20 per share dividend on April 6 c. Issued 2,500 common shares for $15 per share on June 19 d. Declared a $0.40 per share cash dividend on August 1. e. Paid the $0.40 per share dividend on September 14 f. Declared and paid a 10 % stock dividend on October 25 when the market price of the common shares was $15 per share. g. Declared a $0.45 per share cash dividend on November 20. h.Paid the $0.45 per share dividend on December 20 Required: 1. Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Retained Earnings (or Dividends) a. 2018, Mar. 24 Dividends Payable (Record liability for dividends) Dividends Payable b. 2018, p. 6 Cash (Record payment of dividends) Cash c. 2018, Jun. 19 Common Shares (Record issue of common shares) Retained Earnings (or Dividends) d. 2018, Aug. 1 Dividends Payable (Record liability for dividends) e. 2018, Sept. 14 Dividends Payable Cash (Record payment of dividends) Retained Earnings (or Dividends) f. 2018, Oct. 25 Common Shares (Record stock dividend) q. 2018, Nov, 20 Retained Earnings (or Dividends) Dividends Payable (Record liability for dividends) Dividends Payable h. 2018, Dec. 20 Cash (Record payment of dividends) Feedback Check My Work Partially correct 2. What is the total dollar amount of dividends (cash and shares) for the year? 2. What is the total dollar amount of dividends (cash and shares) for the year? 3. CONCEPTUAL CONNECTION: Determine the effect on total assets and total shareholders' equity of these dividend transactions. Where there is no effect on total assets or total shareholders' equity, select "no effect" If the transaction is not a dividend transaction, select "not a dividend transaction". Enter decreases in assets or equity as negative numbers. For those boxes in which no entry is required, leave the box blank. Transaction Effect on Assets Effect on Shareholders' Equity Affects shareholders' equity 0 . Affects assets b. 0 Not a dividend transaction 0 0 $ C. Affects shareholders' equity d. 0 $ Affects assets $ . No effect f. 0 Affects shareholders' equity v 0 $ g. Affects assets h. 0 Total effect