Cash Dividends Sanders Corporation has the following shares outstanding 9.000 shares of $50 par value, six percent preferred stock and 60.000 shares of 1 par value common stock. The company has $325.000 of retained earnings. At year-end, the company declares its regular 53 per share cash dividend on the preferred stock and a $22 per share cash dividend on the common stock. Three weeks later, the company pays the dividends. Prepare the journal entry for the declaration of the cash dividends. b. Prepare the journal entry for the payment of the cash dividends. General jurnal Description Debit Credit Dividends Payable. Common Stock to record declaration of vidend on preferred stock andcommon Dends at Common Stock To record payment of dividends on preferred and common stock Please answer all parts of the question, Save Answers a. Prepare the journal entry for the declaration of the cash dividends. b. Prepare the journal entry for the payment of the cash dividends. General Journal Description Del Ref. a. Cash Dividends Dividends Payable - Preferred Stock Dividends Payable - Common Stock Cash Dividends Payable - Common Stock To record payment of dividends on preferred and common stocks. Please answer all parts of the