$**$ please use this template and show work Thanks!!

Cash Dividends

Rock Corporation has the following shares outstanding: $8,000$ shares of $$40$ par value, ten percent preferred stock and $50,000$ shares of $$2$ par value common stock. The company has $$428,000$ of retained earnings. At yearend, the company declares its regular $$4$ per share cash dividend on the preferred stock and a $$3\mathrm{.}20$ per share cash dividend on the common stock. Two weeks later, the company pays the dividends.

a$.$ Prepare the journal entry for the declaration of the cash dividends.

b$.$ Prepare the journal entry for the payment of the cash dividends.

$\backslash$table$[[$Ref$.,$General Journal,Credit$],[$Description$,$Debit$],[$a$.,$widehat$(),0,0],[$Dividends payable $-$ Preferred stock,$0,0],[hat(),0,0],[$To record declaration of cash dividend.,,$],[$b$.,($a$),0,0],[$Dividends payable $-$ Common stock,$0,0],[,0,0],[$To record payment of dividends.,,$]]$