The Capital Corporation had stockholders equity on January 1, 2000 as follows:

Common Stock, $5 par value, 1,000,000 shares authorized, 525,000 shares issued and outstanding	$2,625,000
Paid-in Capital/Contributed Capital in excess of par value	$1,025,000
Retained Earnings	$2,850.000

Please prepare journal entries for the following transactions.

May 1 A cash dividend of $1.10 per share was declared by the Board of Directors to stockholders of record on May 20^th, payable on June 1^st.

June 1 Paid the cash dividend.

july 1 Board of Directors declared a 10% stock dividend with a market vale of $23 per share to the stockholders of record on July 15^th, distributed on August 1^st.