The records of Dixie Corporation showed the following balances on January 1, 2020. Common stock, $10 par, 30,000 shares issued and outstanding Paid-in capital in excess of par $300,000 102,000 200,000 Retained earnings The fair value of its stock is $18 per share. Dixie Corporation entered the following transactions during 2020. 1. On April 1, 2020, declared a cash dividend of $3.00 per share on its outstanding shares of common stock. The dividend is payable on April 21, 2020, to stockholders of record on April 14, 2020. 2. On November 1, 2020, declared and issued a 10% stock dividend. Of the 3,000 stock dividend shares, 2,800 shares are whole shares and 200 shares are fractional shares. It is the company's policy to pay out fractional shares in cash. Required: Prepare an journal entry for the declaration of dividends and for the payment of dividends. Note: You may create a table as follows to organize your journal entries.