On January 1 Trear Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. July 10 Paid the $1.50 cash dividend. Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.75 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the three dates that involved dividends. Date Account/Description Debit Credit June 15 July 10 Dec. 15 How are dividends and dividends payable reported in the financial statements prepared at December 31? In the , dividends of $ will be . In the , Dividends payable of $ will be reported as a