On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

Apr.	1		Issued 25,000 additional shares of common stock for $17 per share.
June	15		Declared a cash dividend of $1 per share to stockholders of record on June 30.
July	10		Paid the $1 cash dividend.
Dec.	1		Issued 2,000 additional shares of common stock for $19 per share.
	15		Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.

(b) How are dividends and dividends payable reported in the financial statements prepared at December 31?