2) Accounting for cash dividends On December 15, 2017, Trust Company declared the annual cash dividend on its 3% preferred stock (par value, $170,000) and a $0.85 per share cash dividend on its common stock (89,000 shares). Trust then paid the dividends on January 15, 2018. Requirements 1. Journalize for Trust the entry declaring the cash dividends on December 15, 2017. 2. Journalize for Trust the entry paying the cash dividends on January 15, 2018