A. King Corporation declares cash dividends as shown below. The dividends were formally authorized for payment on November 1 for shareholders of record on November 20 and will be paid in cash to shareholders on December 15. Determine the total dividends declared on King's common and preferred stock.

Shares Outstanding

Dividends per share

Total Dividends

Common Stock, $10 par

120,500

$2.00 $_______

Preferred Stock, $4 par

48,500 $0.65 $_______ Total Dividends? $_______ Journalize the entries that King Company will record on the date of declaration, date of record, and date of payment. If no entry is required, select "No Entry Required" and leave the amount boxes blank or enter "0".