Recording Dividend Declaration Following are four separate dividend scenarios. a. On April 1, 2020, Meriter Corporation declared a cash dividend of $5.00 per share on its 57,600 outstanding shares of common stock ($1 par). The dividend is payable on April 21, 2020, to stockholders of record on April 14, 2020. b. Axe Co. has issued and outstanding 1,800 shares of $100 par, cumulative, 5% preferred stock and 36,000 shares of $5 par common stock. Dividends are in arrears for the past year (not including the current year). On December 15, 2020, the board of directors of Axe Co. declared dividends of $45,000 to be paid to shareholders at the end of its fiscal year. c. Siri Corp. holds 1,800 shares of Mobile Co. common stock, purchased at the beginning of the year for $30 a share (carrying value on February 1, 2020). On February 1, 2020, Siri Corp. declared a property dividend of 810 shares of Mobile Co. common stock when the shares were selling at $28 per share. d. Treck Corporation declared a common stock dividend of $81,000 on April 1, 2020. Treck Corporation announced to shareholders that 70% of the dividend amount was a return of capital. Date Account Name Dr. Cr. a. April 1, 2020 Dividends Payable-Common Stock b. Dec. 15, 2020 Dividends Payable-Preferred Stock Dividends Payable-Common Stock Feb. 1, 2020 To record fair value adjustment. Feb. 1, 2020 To record dividend declaration. April 1, 2020 Retained Earnings d