Problem 15B-7 Your answer is partially correct. Try again. The books of Splish Corporation carried the following account balances as of December 31, 2017 Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) 302,000 Common Stock (no-par value, 272,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,900 shares at cost) Retained Earnings $205,000 1,360,000 159,000 31,900 100,600 The company decided not to pay any dividends in 2017. The board of directors, at their annual meeting on December 21, 2018, declared the following: "The current year dividends shall be 6% on the preferred and $0.40 per share on the common. The dividends in arrears shall be paid by issuing 1,510 shares of treasury stock." At the date of declaration, the preferred is selling at $77 per share, and the common at $12 per share. Net income for 2018 is estimated at $75,600. (a) Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to Odecimal places, e.a. 3.487