E13-28 Computing dividends on journalizing preferred and common stock and Learning Objective 4 2. July 1 Cash Dividends $185,000 The following elements of stockholders' equity are from the balance sheet of Sneed Marketing Corp. at December 31, 2017: Stockholders' Equity Paid-In Capital: Preferred Stock-4%, $2 Par Value; 80,000 shares authorized, 55,000 shares issued and outstanding S110,000 Common Stock-s0.10 Par Value; 8,750,000 shares authorized, 8,000,000 shares issued and outstanding 800,000 Sneed paid no preferred dividends in 2017 Requirements 1. Compute the dividends to the preferred and common shareholders for 2018 it total dividends are $185,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2018. 2. Record the journal entries for 2018 assuming that Sneed Marketing Corp. declared the dividends on July 1 for stocklholders of record on July 15. Sneed paid the divi dends on July 31