The records of Dixie Corporation showed the following balances on January 1, 2020. Common stock, $10 par, 30,000 shares issued and outstanding $300,000 Paid-in capital in excess of par 102,000 Retained earnings 200,000 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 $5.00 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. 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. Date Account titles Debit Credit 1 Cash 10,000 Sales Revenue 10,000 Edit Format Table 12pt Paragraph 4 T ~