Question 2 (7 points)
During 2021 Maynard Inc. had the following selected transactions:
April 1
Issued 50,000 common shares for total cash of $210,000.
May 31
The company declared a cash dividend of $80,000 total for preferred shares and $50,000 total for common shares, payable on June 15 to the June 5 shareholders of record.
June 15
Paid the dividends declared on May 31.
Required:
Record the journal entries for the above transactions.