Carmel Company earned net income of $80,000 during the year ended December 31, 2018. On December 15, Carmel declared the annual cash dividend on its 6% preferred stock (par value, $110,000) and a $0.75 per share cash dividend on its common stock (45,000 shares). Carmel then paid the dividends on January 4, 2019 Read the requirements. Requirement 1. Journalize for Carmel the entry declaring the cash dividends on December 15, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit 2018 Dec. 15 No entry required Cash Cash Dividends Common Stock-Par Value Requiremer Dividends Payable-Common debits first, t Dividends Payable-Preferred Date Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of Par-Preferred 2019 Preferred Stock Par Value Retained Earnings Choose from n January 4, 2019. (Record entry table.) Debit Credit Intinue to the next question ? Carmel Company earned net income of $80,000 during the year ended December 31, 2018. On December 15, Carmel declared the annual cash dividend on its 6% preferred stock (par value, $110,000) and a $0.75 per share cash dividend on its common stock (45,000 shares). Carmel then paid the dividends on January 4, 2019 Read the requirements. Requirement 2. Journalize for Carmel the entry paying the cash dividends on January 4, 2019. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit 2019 Jan. 4 Choose from any list or enter any number in the input fields and then continue to the next question ? Question Help Carmel Company earned net income of $80,000 during the year ended December 31, 2018. On December 15, Carmel declared the annual cash dividend on its 6% preferred stock (par value, $110,000) and a $0.75 Der share cash dividend on its common stock (45,000 shares). Carmel then paid the dividends on January 4, 2019 Read the reg No entry required Cash Cash Dividends Common Stock-Par Value Dividends Payable--Common Dividends Payable-Preferred Requiremen debits first, tt Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-Par Value 2019 Retained Earnings January 4, 2019. (Record entry table.) Debit Credit Jan. 4 Choose from any list or enter any number in the input fields and then continue to the next