COMMON AND PREFERRED CASH DIVIDENDS Wang Company currentiy lids $200,000$ shares of $$1$ par common stock outstanding and $3,000$ shares of $$50$ par preferred stock outstanding. On July $10,$ the board of directors declared a semiannual dividend of $$0\mathrm{.}30$ per share on common stock to shareholders of record on August $1,$ payable on August $5.$

On July $15,$ the board of directors declared a semiannual dividend of $$3$ per share on preferred stock to shareholders of record on August $5,$ payable on August $10.$

Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.