Cash dividends and Journal entry

Corporation earned net income of $105,000 during the year ended December 31, 2014.

On December 15, Greenview had declared the annual cash dividend on its $0.55

preferred shares (25,000 shares issued for $250,000) and a $0.65 per share cash dividend on its common shares

(55,000 shares for $110,000). Greenview then paid the dividends on January 4, 2015.

Journalize the following for Greenview Corporation:
	a) Declaring the cash dividends on December 15, 2014
b.)	Paying the cash dividends on January 4, 2015
Did Retained Earnings increase or decrease during 2014? If so, by how much?