Cash Dividends on Common and Preferred Stock Instructions Chart of Accounts ! Initial Question ! General Journal Instructions Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, $30 par, 12% cumulative; 300,000 shares authorized; 180,000 shares issued and outstanding Common stock, $2 par, 2,500,000 shares authorized; 1,300,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.75 per share. Required: 1. What was the total amount of dividends declared and paid? 2. What journal entry was made at the date of declaration