8. On January 1, Wismer Corporation declared a $1.50 per share cash dividend on its common stock (18,000 shares) for stockholders on record as of January 15. Wismer paid the dividend on January 31. Journalize the entries declaring the cash dividend and paying the dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the entry declaring the cash dividend. Date Accounts and Explanation Debit Credit Jan. 1 Journalize the entry paying the dividend. Date Accounts and Explanation Debit Credit Jan. 31 Solution 1-Jan Cash dividends 27000 =18000*1.5 Dividends payable 27000 31-Jan Dividends payable 27000 Cash 27000 2 Interest expense for 2019 = 59000*7%/12*5= 1721.