On August 15, 2021, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney's Common Stock will be paid a dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common Stock held by EasyMoney's shareholders.

The following are the facts related to this dividend:

Dividend per Share .................... $1.25

Date of Declaration .................... August 15, 2021

Date of Record ........................... September 5, 2021 Date of Payment ........................ September 20, 2021

The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. These are the only accounts you need for this problem.

Cash

Dividends Payable Retained Earnings

As of August 1, 2021, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account is $625,000.

Requirement 1

1. RecordtheentrythatEasyMoneyshouldmakeintheGeneralJournalonAugust15,2021
2. to record the declaration of the dividend.
3. AftermakingandpostingtheAugust15entry,whataretheCurrentBalancesinthe:
4. Dividends Payable account? Retained Earnings account?

Requirement 2

1. EasyMoney's Accounting Cycle is one month long. EasyMoney's Net Income for the month of August is $52,000. Prepare the Calculation of Retained Earnings as of August 31 for the Balance Sheet.
2. WhatwouldbetheamountofDividendsPayableonEasyMoney'sAugust31Balance Sheet?

Requirement 3

1. RecordtheentrythatEasyMoneyshouldmakeintheGeneralJournalonSeptember20,
2. 2021 to record the payment of the dividend.
3. AftermakingandpostingtheSeptember20entry,whatistheCurrentBalanceinthe:

Dividends Payable account?