Question 21 5 pts Michael, Inc. is authorized to issue 50,000 shares of $50 par value, 8% cumulative, preferred stock and 750.000 shares of $5 par value common stock. On December 1, declared $1.00 per share cash dividend on 96,000 shares common stock outstanding. Prepare a journal entry to record the following transaction that occurred during the first year of operations. If no entry is required, indicate "No Entry Required." On December 1, declared $1.00 per share cash dividend on 96,000 shares common stock outstanding DR CR | B I A V A G : I T - E { a 1: 12pt = 3 x = - Pagraph = = MacBook Air