On April 15, 2021, Novak Ltd. declared a 50 per share cash dividend, payable on May 31 to shareholders of record on May 1.On the date of declaration, Novak Ltd. had 337,000 common shares outstanding. On May 15, 2021, the company issued an additional 66,000 common shares for $8 each. On May 31, the dividend was paid. On December 15, 2021, Novak Ltd. declared a 50 per share cash dividend, payable on January 15, 2022 to shareholders of record on January 2, 2022. Prepare all the required journal entries to record these transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round average per share amount to two decimal places.) Date Account Titles and Explanation Debit Credit 2021 Retained Earnings 16850000 Dividends Payable (To record declaration of dividend.) April 15 16850000 May 15 V Cash 528000 Common Shares 528000 May 31 Dividends Payable 16850000 Cash 16850000 (To record issue of shares.) Dec 15 Retained Earnings 20150.000 = Cash 16850000 (Torecord issue of shares.) Retained Earnings Dec. 15 > 20150000 Dividends Payable 20150000 (To record payment of dividend.) (To record declaration of dividend.) 2022 (To record payment of dividend.) e Textbook and Media