Fowler Co.'s balance sheet at December 31, 2018 showed:

Common stock, $10 par - $106,000

Paid-in Capital - Excess of par - $53,000

Retained Earnings - $21,200

A cash dividend is declared on December 31, 2018, and is payable on January 20, 2019, to share holders of record on January 10, 2019.

1.Prepare the appropriate journal entries, assuming a cash dividend in the amount of $1 per share.

Journal entry for December 31, 2018:

Debit Retained Earnings - $10,600

Credit Cash Dividends Payable - $10,600

January 10, 2019: No entry required

Journal entry for January 20, 2019:

Debit Cash Dividend Payable - $10,600

Credit Cash - $10,600

This is what I did ($106,000/$10) = 10,600 shares

For the second part:

1. Prepare the appropriate journal entries, assuming a cash dividend in the amount of $5 per share.

Journal entry for December 31, 2018:

Debit Retained Earnings - $53,000

Credit Cash Dividends Payable - $53,000

January 10, 2019: No entry required

Journal entry for January 20, 2019:

Debit Cash Dividends Payable - $53,000

Credit Cash - $53,000

I did all of this but the question says its not complete. Can you tell me what I'm missing?