CASH DIVIDENDS

Drexel Corp. had the following transactions related to dividends during 2022 1-Mar The company declared a $2 per share cash dividend to its common shareholders.

The date of record is April 1 and the payment date is May 1.

Number of common shares outstanding 30,000 1-Jun The company declared a dividend on their 4% preferred stock. The stock is cumulative and the dividends for the past 3 years have not been declared. (dividends in arrrears). This stock has a par value of $10 per share. Number of preferred shares outstanding 20,000 Date of record is July 1 and payment date is August 1.

Instructions: Prepare the journal entries to record the cash dividends.

*Please show explanations*