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Cash Dividends

Bernard Corporation has the following shares outstanding: $8,000$ shares of $$50$ par value, six percent preferred stock and $50,000$ shares of $$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\mathrm{.}20$ per share cash dividend on the common stock. Three 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$.,\backslash$table$[[$General Journal$],[$Description$]],,,$Debit,,Credit$],[$a$.,,$hat$(widehat(v)),$$$,0,$$$,0],[,$hat$(v),,0,,0],[$Dividends Payable $-$ Common Stock,,,$0,$b$,0],[$To record declaration of dividend on preferred stock andcommon sto,,,,,$],[$b$.,,$hat$(),,0,$b$,0],[$Dividends Payable $-$ Common Stock,,,$0,$b$,0],[,$hat$(),,0,$b$,0],[$To record payment of dividends on preferred and common stocks.,,,,,$]]$