On October 15 of Year 5, you were hired as the Controller for Frank O. Pinion Industries. Part of your job duties include maintaining accurate records of the company's stockholders and issuing dividend payments. The Board of Directors declared a dividend of $2 per share on December 1 for all stockholders of record on December 15. The dividend is paid on December 31. You have organized the company's stock records into the following pie charts.

Required:

1. What is the authorized number of shares in Year 1?

2. What event took place in Year 2?

3. What event took place in Year 3?

4. What event took place in Year 4?

5. What happened to the authorized number of shares over the entire five-year period?

6. What journal entries should you record for December 1, December 15, and December 31 in Year 5 for dividends?