Fowler Co.'s balance sheet showed the following at December 31, 2021:

Common stock, $10 par	$	109,000
Paid-in capitalexcess of par		54,500
Retained earnings		21,800

A cash dividend is declared on December 31, 2021, and is payable on January 20, 2022, to shareholders of record on January 10, 2022. 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, 2021.
• 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, 2021.
• Record the entry on date of record.
• Record payment of cash dividend.