On May 1, Year 1, Love Corporation declared a $50,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required a. Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. b. Prepare journal entries for all events associated with the dividend. Complete this question by entering your answers in the tabs below. Help Save & Exit Submit Check my work Required A Required B Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an op (OA), Investing activity (IA), or financing activity (FA). Leave blank to indicate that an element was not affected by the event. Enter amounts to be deducted and cash ou minus sign.) Date May 01 May 15 May 311 LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Assets Liabilities Common Stock Retained Earnings Revenue Expenses Net Income Flows Required > Dok ransactioN TIST Journal entry worksheet ences < 1 2 3 4 On May 1, Love Corporation declared a $50,000 cash dividend to be paid on May 31. Recodd the transaction. Note: Enter debits before credits. Date May 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 The shareholders on record on May 15 will receive a dividend payment to be paid May 31. Record the transaction. Note: Enter debits before credits. Date May 15 General Journal Debit Credit View general journal Record entry Clear entry ok Journal entry worksheet nces < 1 2 3 4 On May 31, the dividends are paid to the shareholders of record on May 15. Record the transaction. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 On December 31, the closing entry for dividends is recorded. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry