Exercise 11-5 On January 1, 2018, Pearl City Corporation had 78,000 common shares, recorded at $580,000, and retained earnings of $985,000. During the year, the following transactions occurred Apr. 2 Issued 4,600 common shares at $20 per share June 15 Declared a cash dividend of $0.35 per share to common shareholders of record on June 30, payable on July 10 Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5 distributable on September 20. he shares en trading or A a share on August 2 sa o September nd on September 20 Nov. ssed 3,000 common shares at $24 per share Dec. 20 Declared a cash dividend of 0.40 per share to cormmon shareholders of record on December 31, payable on January 10