Required information [The followng information applies to the questions dispiayed below.] On January 1, 2019, Metco inc reported 272,000 shares of 92 par value common stock as being issued and outstancing On March 24. 2019, Metco inc. purchased for its treasury 2,800 shares of its common stock at a price of $3600 per 5 hare On August 19,2019,670 at these treasury shares were sold for $4500 per share. Metco's directors declared cash dividends of $070 per share during the second quarter and again during the fourth quarter, payable on June 30,2019 , and December 31,2019 , respectively. A 4% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Required: a-1. Use the horizontal model for the treasury stock purchase on March 24, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) a-2. Prepare the journal entry for the treasury stock purchase on March 24, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of 2,800 shares of treasury stock @ \$36 per share. Note: Enter debits before credits. b. Calculate the total amount of the cash dividends paid in the second quarter