**This is enough information to answer the question. This question was previously tagged as needing more information but this is the exact problem out of the texbook.**

Exercise 11-10A Effect of cash dividends on financial statements LO 11-4

On May 1, 2016, Love Corporation declared a $50,000 cash dividend to be paid on May 31 to shareholders of record on May 15.

Required

a.	Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model like the following one. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA).

b.	Prepare journal entries for all events associated with the dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)