ANS, Inc. has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding. The common stock has a $1.00 par value. The preferred stock has a $100 par value, a 5% dividend rate, and is noncumulative. On October 31, 2019, the company declares the annual cash preferred dividends and cash dividends of $0.25 per share for common. The company paid all cash dividends on December 5, 2019. Prepare the journal entry for the declaration and payment of dividends. You may use separate journal entries to record cash dividends for common and cash dividends for preferred stock.