5. Selmer Corporation has preferred stock, 8%, 100 par, $100,000 and Common Stock, $10 par, $400,000 on their balance sheet. On July 1, they declared a $4 per share semi-annual cash dividend on preferred stock and a $1.10 per share dividend on common stock to be paid on August 15. Prepare the journal entries to record these transactions (remember to include declaration and payment) (10 points)