Dr. Cr. Recording Dividend Declaration Following are four separate dividend scenarios. a. On April 1, 2020, Meriter Corporation declared a cash dividend of $5.00 per share on its 51,200 outstanding shares of common stock ($1 par). The dividend is payable on April 21, 2020, to stockholders of record on April 14, 2020. b. Axe Co. has issued and outstanding 1,600 shares of $100 par, cumulative, 596 preferred stock and 32,000 shares of $5 par common stock. Dividends are in arrears for the past year (not including the current year). On December 15, 2020, the board of directors of Axe Co. declared dividends of $40,000 to be paid to shareholders at the end of its fiscal year. c. Siri Corp. holds 1,600 shares of Mobile Co. common stock, purchased at the beginning of the year for $30 a share (carrying value on February 1, 2020). On February 1, 2020, Siri Corp. declared a property dividend of 720 shares of Mobile Co. common stock when the shares were selling at $28 per share. d. Treck Corporation declared a common stock dividend of $72,000 on April 1, 2020. Treck Corporation announced to shareholders that 70% of the dividend amount was a return of capital. Required Record the entry for the declaration of dividends for each of the four separate scenarios. Date Account Name April 1, 2020 Retained Earnings 256,000 Dividends Payable-Common Stock 256,000 Dec. 15, 2020 Retained Earnings Dividends PayablePreferred Stock 16,000 Dividends Payable-Common Stock 24,000 Feb. 1. 2020 Property Dividends Payable 3.200 x Unrealized Gain or Loss-Income . 3.200 x To record fair value adjustment. Retained Earnings Dividends Payable 20,160 To record dividend declaration. . April 1, 2020 Retained Earnings Property Dividends Payable a. 0 . b. 40,000 0 Feb. 1. 2020 20,160 x d. 72.000 x 0 OX 21,600 X Common Stock 50,400 X