Cash Dividends Rock Carporation has the following shares outuanding: 8,000 shares of 590 par value, eight percent prefered stock and 50,000 shares of 55 par value common stock. The compacy has 5963,000 of retained earnings. Ar year-end, the company dedares its regular $7,20 per share cash dividend on the prefedred stock and a 57.20 per share cash dmidend on the common stock. Two weeks late, the compary pays the dividends a. Prepare the journal enery for the declarabion of the cash dmidends b. Pregare the poumat entry for the payment of the cash dividends