all journal entry please.

Stockholders' equity of Ernst Company consists of 94,000 shares of $5 par value, 10% cumulative preferred stock and 350,000 shares of $1 par value common stock. Both classes of stock have been outstanding since the company's inception. Ernst did not declare any dividends in the prior year, but it now declares and pays a $140,000 cash dividend at the current year-end Determine the amount distributed to each class of stockholders for this two-year-old company. Par Value per Dividend Preferred Dividend per Number Preferr Preferred Share Preferred Shares Dividend for Rate Share two years Calculation of Preferred Dividend: Total cash dividend To preferred shareholders To common shareholders