A Company Reported Stockholders' Equity on January 1 of the Current

A company 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; contributed capital in excess of par value,common stock,$1,025,000; retained earnings,$2,850,000.Prepare journal entries to record the following transactions:
$$\begin{array} { | l | l | } \hline \text { May I } & \begin{array} { l } \text { A cash dividend of } \$ 1.10 \text { per common share was declared by the board of } \\\text { directors to stockholder of record on May 20 payable June } 1 .\end{array} \\\hline \text { May } 20 & \text { The date of record } \\\hline \text { Jure I } & \text { Paid the cash dividend. } \\\hline\end{array}$$