Fantasyline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Fantasyline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet 4b. Declared a $554,000 dividend for the first half of the year. The declarations should be recorded separately for the common and the preferred shares) Now prepare the entry to record the declaration of the dividond on common shares Account Current Year 5. Sold 108,000 of the treasury shares at 549 per share. (The 89.000 treasury shares on hand at the beginning of the year are considered sold first. The company paid $18 per share for these shares of treasury stock), Account Current Year Stockholders' Equity Contributed Capital: Common Stock, $1 par value, 41,200,000 authorized and 890,000 shares issued, and 821,500 shares outstanding Additional Paid-in Capital in Excess of Par - Common Total Contributed Capital Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock (89,000 common shares at cost) 890,000 22,400,000 $ 23,290,000 $ 9,663,350 1,062,700 (1,602,000) $ 32,414,050 Total Stockholders' Equity Credit Journal entry No Account and explanation Treasury Stock (260000*36) Cash (To record purchase treasury Stock) Debit 9360000 9360000 554000 4a Cash dividend Dividend payable (To record dividend declared) 554000