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

Common Stock, $10 par - $120,000

Paid-in capital-excess of par - 60,000

Retained Earnings - $24,000

A cash dividend was declared on December 31, 2018, and payable on January 20, 2019 to shareholders of record on January 10, 2019.

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

For #1 I did the following:

December 31, 2018

Debit Retained earnings - $12,000

Credit Cash Dividends Payable - $12,000

January 10, 2019 - No entry required

January 20, 2019

Debit Cash Dividend Payable - $12,000

Credit Cash - $12,000

For #2 I did the following:

December 31, 2018

Debit Retained Earnings - $24,000

Debit Paid-in capital-excess of par - $36,000

Credit Cash Dividends Payable - $60,000

January 10, 2019 - No entry required

January 20, 2019

Debit Cash dividends payable - $60,000

Credit Cash - $60,000

Am I on the right track?