Carmel Company earned net income of $110,000 during the year ended December 31, 2024. On December 15, Carmel declared the annual cash dividend on its 3% preferred stock (par value, $118,000) and a $0.75 per share cash dividend on its common stock (40,000 shares) Carmel then paid the dividends on January 4, 2025 Read the requirements Requirement 1. Journalize for Carmel the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation 2024 Dec. 15 Cash Dividends Dividends Payable-Common Dividends Payable-Preferred Debit Credit