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O n 4 competencer Marked out of 2.00 Remove flag Cash Dividends Sanders Corporation has the following shares outstanding: 9,000 shares of $50 par value, six percent preferred stock and 60,000 shares of $1 par value common stock. The company has $328,000 of retained earnings. At year-end, the company declares its regular $3 per share cash dividend on the preferred stock and a $2.2 per share cash dividend on the common stock. Three weeks later, the company pays the dividends. Credit a. Prepare the journal entry for the declaration of the cash dividends. b. Prepare the journal entry for the payment of the cash dividends. General Journal Description Debit Dividends Payable preferred Stock Didends Payable. Common Stock Dividends Payable. Common Stock To record declaration of dende o preferred stock andcommon st Dividends Payable. Common Stock To record payment of ouders en preferred and con Please answer all parts of the question a: Prepare the journal entry for the declaration of the cash dividends. b. Prepare the journal entry for the payment of the cash dividends. Ref a. Cash Dividends Dividends Payable - Preferred Stock Dividends Payable - Common Stock Cash VIVIULUDruyur CUITOTT BLUE To record declaration of dividend on preferred stock andcommon stock. Dividends Payable - Common Stock To record payment of dividends on preferred and common stocks. Please answer all parts of the