The shareholders' equity section of Shiloh, LLC as January 1, 2022 is below. Preferred Stock 6%, $100 par, 10,000 shares issued and outstanding Common Stock $5 par, 60,000 shares issued, 55,000 shares outstanding APIC- Preferred Stock APIC Common Stock Total Contributed Capital Retained Earnings Treasury Stock (5,000 shares at $10/share) Total Shareholders' Equity $1,000,000 300 000 200 000 700,000 $2,200,000 $640,000 (50,000) $2,790,000 The following events are independent from each other except where specified. Prepare the required journal entries. 1. On January 5, 2022, the Board of Directors (BOD) declared a $2 cash dividend for all common shareholders on record as of January 30, payable on February 15. Prepare the journal entry to record the declaration of dividends. 2. Prepare the journal entry associated with the date of record for the dividends declared in #1. 3. Prepare the journal entry for payment of dividends in #1.