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

Common stock, $10 par	$	101,000
Paid-in capital - excess of par		50,500
Retained earnings		20,200

A cash dividend is declared on December 31, 2018, and is payable on January 20, 2019, to shareholders of record on January 10, 2019. Required: 1. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.

• Record cash dividend declared on December 31, 2018.

• Record the entry on date of record.

• Record payment of cash dividend.

2. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

• Record cash dividend declared on December 31, 2018.

• Record the entry on date of record.

• Record payment of cash dividend.