PROBLEM 11 (8 points) Hi-tech Manufacturing Company has 1,000,000 shares of $1 par value common stock outstanding on January 1. The following equity transactions occurred during the current year. Prepare journal entries to record these transactions. a) June 1 Declared a cash dividend of $0.60 per share ful b) July 1 Paid the $0.60 cash dividend to stockholders c) August 1 Declared a 5 percent stock dividend. Market price of the stock was $19 per share d) September 10 Issued shares resulting from the 5 percent stock dividend declared on August 1