4. On May 16, 2015, the board of directors authorized a $3 dividend for all common stock outstanding and an $8 dividend for all preferred stock outstanding. The corporation had 5,000 shares of common stock and 3,500 shares of preferred stock. On June 16th, the corporation determines there are 1,000 shareholders to receive the cash dividends. The dividend is paid on June 30, 2015. Prepare the journal entry required on each ofthe dates