ii) XZY Company is a private company reporting under ASPE. It had the following balances in shareholders' equity on May 1, 2020: Shareholders' Equity Contributed Capital Share Capital $1.75 Noncumulative preferred shares, 50,000 shares authorized, 30,000 shares issued $ 700,000 Common shares, unlimited number authorized, 450,000 shares issued 2,030,000 Total Contributed Capital $2,730,000 Retained Earnings 2,100,000 Total Shareholders' Equity $4,830,000 On May 2, 2020, XYZ declared a 5% common stock dividend distributable on July 15 to shareholders of record on June 20. The fair market value of the common shares on May 2, 2020 was $32.50. Instructions: Prepare the necessary journal entries to record the common stock dividend