Exercise 11-14A (Algo) Effect of cash dividends on financial statements LO 11-6 On May 1, Year 1. Love Corporation declared a $49,800 cash dividend to be paid on May 31 to sharehoiders of record on May 15. Required a. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. b. Prepare joumal entries for all events associated with the dividend. Complete this question by entering your answers in the tabs below. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the statement of Cash Flows column, indica (OA)rinyesting activity (IA), or financing activity (FA). Leave blank to indicate that an element was not affected by the event, Enter amounta minue sign.) Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate (OA), investing activity (IA), or financing activity (FA), Leave blank to indicate that an element was not affected by the event. Enter amounts to minus sign.) Journal entry worksheet 4 On May 1, Love Corporation declared a $49,800 cash dividend to be paid on May 31. Record the transaction. Note: Enter debits before credits. Journal entry worksheet The shareholders on record on May 15 will receive a dividend payment to be paid May 31 . Record the transaction. Note: Enter debits before credits. On May 31 , the dividends are paid to the shareholders of record on May 15. Record the transaction. Note: Enter debits before credits. On December 31 , the closing entry for dividends is recorded. Record the transaction. Note: Enter debits before credits