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Fowler Co.'s balance sheet showed the following at December 31. Common stock $10 par value = $100,000; Paid in capital in excess of par =

Fowler Co.'s balance sheet showed the following at December 31. Common stock $10 par value = $100,000; Paid in capital in excess of par = $50,000; Retained earnings = $20,000. A cash dividend of $1.00 per share is declared on December 31 and is payable the following January 20 to shareholders of record on January 10. Required: Prepare all appropriate journal entries.

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