2. Fitts had 1,000 shares of common stock and 500 shares of 6% $100 par value common stock. The board of directors declared a $6,300 dividend. Record the transactions for the declaration of the dividend on July 16 and the payment of the dividend on July 31. Cash 6,300 Dividends Payable 6,300 6,300 Dividends, Preferred 3,000 Dividends Common 3,300