On January 10 of the current year, the board of directors of Eagle Express, Inc. declared an annual dividend of \($60,000.00.\) On the date of record, the corporation had issued 2,000 shares of 6%, \($100.00\) par-value preferred stock and 30,000 shares of \($22.00\) stated-value common stock.

Page 4 of a general journal and page 11 of a cash payments journal are provided in the Working Papers. Source documents are abbreviated as follows: check, C; memorandum, M.

1. Calculate the value of preferred stock.

2. Calculate the amount of dividends for the current year to be paid to preferred and common shareholders.

3. Journalize the entry to record the declaration of a dividend on January 10. M29.

4. Journalize the entry to record the payment oft he dividend on January 30. C124.