Carmel Company earned net income of $$92,000$ during the year ended December $31,2018.$ On December $15,$ Carmel declared the annual cash dividend on its $6\%$ preferred stock $($par value, $$130,000)$ and a $$1\mathrm{.}00$ per share cash dividend on its common stock 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.$)$

Requirements

Journalize for Carmel the entry declaring the cash dividends on December $15,2018.$

Journalize for Carmel the entry paying the cash dividends on January $4,2019.$M