Corporation earned net income of $ 100,000 during the year ended December 31, 2018. On December 15, Greenwood declared the annual cash dividend on its 7 % preferred stock (15m000 shares with total par value of $ 150 comma 000 ) and a $ 1.00 per share cash dividend on its common stock (80,000 shares with total par value of $ 800 comma 000 ). Greenwood then paid the dividends on January 4, 2019.

a. Journalize for Greenwood Corporation the declaration for the cash dividends on December 15, 2018. (Record debits first, then credits. Exclude explanations from any journal entries. Use only a single account to record the dividends.)

b. Journalize for Greenwood Corporation the payment of the cash dividends on January 4, 2019.

Journal Entry Date Accounts Debit Credit 2018 Dec 15 Journal Entry Date Accounts Debit Credit 2018 Dec 15 Accounts Payable Cash Dividends Payable Retained Earnings b. Journalize for is on January 4, 2019. Journal Entry Date Accounts Debit Credit 2019 Jan 4 Did retained earnings increase or decrease during 2018? By how much? During 2018, retained earnings by $