Bottom earned net income of $95,000 during the year ended December 31, 2016. On December 15, Bottom declared the annual cash dividend on its 2% preferred stock (par value, $128,000) and a $0.75 per share cash dividend on its common stock (65,000 shares). It then paid the dividends on January 4, 2017. Based on this data, complete the following tasks using worksheet AC1420_nn_Exercise 3-1_Task 2.xlsx:

a. Journalize for Bottom the entry declaring the cash dividends on December 15, 2016.

b. Journalize for Bottom the entry paying the cash dividends on January 4, 2017.