Fowler Co.'s balance sheet showed the following at December 31, 2021: Common stock, $10 par$104,000 Paid-in capital—excess of par 52,000 Retained earnings 20,800 A cash dividend is declared on December 31, 2021, and is payable on January 20, 2022, to shareholders of record on January 10, 2022. Required: 1. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share. 2. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.

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explanation:

to solve for marcus's new balance, we need to know what his starting balance was. once we find the startin balance, the amount of $625.84 will be added to the amount he currently has in his account to get the new balance.