Can someone please explain to me how you would journal Jan 5th and why you would journal it that way? I am confused with how to get the answer. Thank you!!!

The balance sheet for Tactex Controls Inc.. provincially incorporated in 2018, reported the following components of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 Contributed capital: Preferred shares, $2.4 cumulative, unlimited shares authorized; 23,899 shares issued and outstanding Common shares, unlimited shares authorized; 78,800 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 395, eee 738,000 $1,133,00 381,000 $1,514, eee In 2020 and 2021, the company had the following transactions affecting shareholders and the equity accounts: 2020 Jan. i Sold 33,608 common shares at $10.94 per share. 5 The directors declared a total cash dividend of $234,080 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2018 and 2019. All of the preferred shares had been issued during 2018. Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $157,100. The average issue price was $20 per share. Dec. 31 Closed the dividend accounts along with the $577,108 credit balance in the Income Summary account. 2021 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $1.7 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $543,588 credit balance in the Income Summary account View transaction list Journal entry worksheet Record the dividend declared on preferred shares and common shares. Note: Enter debits before credits. Date General Journal Credit Debit 234,000 Jan 05, 2020 Cash dividends Cash Cash dividends Common dividend payable Common shares Record er View general journal Income summary Didid.-LI. Common shares Income summary Preferred dividend payable Preferred shares Retained earnings