XYZ Company declared a cash dividend of $0.50 per share on its 100,000 outstanding shares of common stock. The dividend was paid to shareholders on the payment date. Requirements: a. Prepare the journal entry to record the declaration of cash dividends by XYZ Company. b. Calculate the total amount of cash dividends to be paid. c. Record the cash payment of dividends to shareholders. d. Determine the effect of the dividend declaration on retained earnings. e. Analyze the impact of the dividend payment on the balance sheet and statement of cash flows.