Question 26 1 pts BITCO has 1,000,000 shares of $4 par common stock authorized and 50,000 shares are issued. The company currently has 3,000 shares of Treasury stock. If the company declares a $1 per share dividend, which of the following would be part of the journal entry to record the transaction? (Hint: Complete the full journal entry.) Credit $50,000 to dividends payable. Debit treasury stock $47,000. Credit dividends payable $47,000. Credit cash $50,000. Credit common stock of $50,000