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Identifying and Analyzing Financial Statement effects of Cash Dividends Fred Corp. has outstanding 0,000 shares of $50 per value, o preferred stock and 40.000 shares of 31 par value common stock. The company has 5328,000 of retained earnings. At year-end, the company declares and pays the regular $3 per share cash dividend on proferred stock and a $2.20 per share cash dividend on common stock a. Using the financial statement effects comple, ilustrate the effects of these two dividend payment Use a negative sign with your answers, when appropriate Mance Sheet Income Noncash Centri Earned Transaction Cesh Asset A. Liabilities Capital. Capital Remas Expenses - Net Inne 11 Dedared and paid hdvided on preferred mack 0.5 01 tant Dadared and added on command b. Prepare the journal entries for the two dividend payments. Date Description (1 . econd preferred dagend 2013/11 Credit . O Fecond common dividend c. Post the journal entries from b to the related accounts Cash Ridlarning 112/31