A statement of Redmi Stockholder's Net Income Wor h ere ning test two characteristics of corporation A corporation had the following stock cutstanding when the company's board of directors declareda $75.000 cash dividend in the current year Preferred stock. $40 par, 6 12.500 shares issued d $ 500,000 Common stock, $10 par, 70.000 shares issued 700.00 $ 1,200,000 Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is noncumulative. (10 points) BAH Total - 15) On June 30, a company declared a cash dividend of $0.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the required journal entries. (10 points) Date Account Titles Debit Credit Cosh Page 3