Finally, you will need to explain to Sam how the declaration and payment of dividends for a corporation or LLC works. If Sam decides to start a corporation or LLC, and one day has to pay a five-cent dividend on 1,000 shares of common stock, how would this affect the company's cash and retained earnings? If the dividend was declared on September 1, how would this transaction be journalized? If the dividend was paid on September 22, how would this transaction be journalized? Use the following template for the journal entries. Date Accounts and Explanation Debit Credit