Freid Company has outstanding 7,000 shares of \(\$ 50\) par value, \(6 \%\) preferred stock, and 30,000 shares of \(\$ 1\) par value common stock. The company has \(\$ 328,000\) of retained earnings. At year-end, the company declares and pays the regular \$3 per share cash dividend on preferred stock and a \(\$ 2.20\) per share cash dividend on common stock. Use the financial statement effects template to indicate the effects of these two dividend payments.