Cash Dividends Bernard Corporation has the following shares outstanding: 8,000 shares of 550 par value, six percent preferred stock and 50,000 shares of 51 par value cornenon stocic. The con retained earnings. Atyear-end, the compary deciares its regular $3 per share cash dividend on the preferred stock and a $220 per share cash dividend on the common stock. company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividends b. Prepare the journal entry for the payment of the cash dividends