Cactus Joe Corporation Reported Stockholders' Equity on January 1 of the Current

Cactus Joe Corporation reported stockholders' equity on January 1 of the current year as follows: Common Stock,$5 par value,1,000,000 shares authorized,600,000 shares issued; Paid-in Capital in Excess of Par Value,Common Stock,$1,025,000; Retained Earnings,$1,850,000.Prepare journal entries to record the following transactions:
$$\begin{array} {| l | l | } \hline \text { May } 1 & \begin{array} { l } \text { A cash dividend of } \$ 1.05 \text { per common share was declared by the board of } \\\text { directors to stockholders of record on May 20, payable June 1. }\end{array} \\\hline \text { May 20 } & \text { The date of record. } \\\hline \text { Iune } 1 & \text { Paid the cash dividend. } \\\hline\end{array}$$

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