PB11-2 (Algo) Recording Cash Dividends [LO 11-3) Figaro Productions is an animation studio that issued the following recent press release: April 1Figaro Productions today announced that its Board of Directors has declared a cash dividend of $0.50 per share on 665.000 outstanding preferred shares. The dividend will be paid on or before May 31, to preferred shareholders of record at the close of business on May 26. The Company's fiscal year will end on June 30. Required: 1. Prepare any journal entries that Figaro Productions should make on the four dates mentioned in the press release. 2. What would the board of directors have considered before making the dividend decision? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What would the board of directors have considered before making the dividend decision? The board must consider the balances of retained earnings and cash before declaring a cash dividend. The board must consider the balances of common stock and cash before declaring a cash dividend.