1. \A company reported the following amounts on its balance sheet on January 1, 2020: Preferred Stock, S8 par, 5%, 2,000 shares issued and outstanding $16,000 Common Stock, $1 par, 8,000 shares issued and outstanding $8,000 Additional Paid-in Capital - Common $32,000 Total Contributed Capital $56,000 Retained Earnings $33,000 Total Stockholder's Equity $89,000 On March 31, 2020 the company declared a $0.50 cash dividend on common stock with a record date of April 30, 2020. The dividend was distributed on May 15, 2020. Prepare the necessary journal entries that would be used to record the dividends above