Learning Objective 4 E13-27 Computing dividends on preferred an 1. Preferred Dividend 2018 $9,000 Northe 2018: mmunications has the folloving stockholders' equity on December 3 Stockholders' Equity Paid-In Capital: Preferred Stock-5%, $11 Par Value; 150,000 shares 220,000 authorized, 20,000 shares issued and outstanding Common Stock-$2 Par Value: 575,000 shares authorized, 380,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital 760,000 680,000 1,660,000 200,000 S 1,860,000 Retained Earnings Total Stockholders' Equity Requirements 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if toul dividends are $9,000 in 2018 and $45,000 in 2019. Assume no changes in preferred stock and common stock in 2019. Record the journal entries for 2018, assuming that Northern Communications declared the dividend on December 1 for stockholders of record on December 10 Northern Communications paid the dividend on December 20. 2