Question 23 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 1. On January 1 the cash dividend was paid to shareholders. DR BIVAAIE * 3 1 1 *, - ? Vo The 12pt Paragraph