Carmel Company earned net income of $100,000 during the year ended December 31,2024 . On December 15 , Carmel declared the annual cash dividend on its 5% preferred stock (par value, $130,000 ) and a $0.75 per share cash dividend on its common stock (45,000 shares). Carmel then paid the dividends on January 4, 2025. Read the requirements. Requirements 1. Journalize for Carmel the entry declaring the cash dividends on December 15 , 2024. 2. Journalize for Carmel the entry paying the cash dividends on January 4, 2025