Question 2 incomplete answer Marked out of 1.00 P Flag question Cash Dividends Rock Corporation has the following shares outstanding: 8,000 shares of $100 par value, eleven percent preferred stock and 50,000 shares of $5 par value common stock The company has $1,070,000 of retained earnings. At year-end, the company declares its regular 511 per share cash dividend on the preferred stock and a 58.00 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. General Journal Description Debit Credit Dividends payable preferred stock To record declaration of cash dividend OOO OOO OOO OOO Dividends payable. Common stock Pleas Cash Cash dividends Dividends payable - Common stock Olvidends payable - Preferred stock Retained earnings Stock dividends Treasury stock Next