Kenley Inc. was organized and authorized to issue 5,000 shares of $50 par value, 7% percent preferred stock and 100,000 shares of $7 par value common stock on July 1, 2020.

July 1 Issued 10,000 shares of common stock at $11 per share

July 1 Issued 200 shares of common stock at $12 per share for services rendered in connection with the organization of the company

July2 Issued 1,000 shares of preferred stock at par value for cash

July 10 Issued 5,000 shares of common stock for land on which the asking price was $95,000.Market value of the stock was $15.Management wishes to record the land at full market value of the stock.

Aug 10 Declared a cash dividend of $0.05 per share on common stock outstanding, payable on Aug 22 to stockholders of record on Aug 12.

Aug 12 Date of record for cash dividends

Aug 22 Paid cash dividends

Sept 15 Issued another 1,000 shares of preferred stock but at $60 per share.

I have completed the dates in bold, i am confused on the dividend part and doing those journal entries. Can you please explain it to me?