On may 20, the board of directors for auction declared a cash dividend of 50 cents per share payable to stockholders of record on june 14. the dividends are paid on july 14. the company has 502,000 shares of stock outstanding. closing entries are recorded on july 31. prepare any necessary journal entries for each date. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)a) may 20th, record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 513,000 shares of stock outstanding. b) june 14th, record the entry on the date of record for a cash dividend of 50 cents per share payable on the 513,000 shares of stock outstanding. c) july 14th, record the entry on the date of payment for the cash dividend. d) july 31st, record the entry to close the dividend account to retained earnings.

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.