Babiak Inc. has 83,000 common and 16,000 $0.45 cumulative preferred shares outstanding. On December 10, the directors declared dividends of $70,000 to the shareholders of record on December 21, payable January 12. Dividends have not been paid for the past three years. Calculate the amount of dividends payable to each of the common shareholders and the preferred shareholders. $ Dividends payable to the preferred shareholders $ Dividends payable to the common shareholders Prepare the required entries on each of these dates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 10 (To record declaration of dividend.) (To record payment of dividends.)