URCES CALCULATOR AL SALES PRINTER VERSION BACK Multiple Choice Question 62 On December 31, 2020, Sheffield, Inc. has 3900 shares of 5% $100 par value cumulative preferred stock and 60000 shares of $10 par value common stock outstanding on December 31, 2020, the directors declare a $17100 cash dividend. The entry to record the declaration of the dividend would include NERT a credit of $17100 to Cash Dividends. a note in the financial statements that dividends of 55 per share are in arrears on preferred stock for 2020 a debit of $17100 to Common Stock a credit of $17100 to Dividends Payable