Current Attempt in Progress On December 31, 2021 Waterway, Inc has 4300 shares of 6% 5100 par value cumulative preferred stock and 61500 shares of $10 par value common stock outstanding on December 31, 2021, the directors declare a $20900 cash dividend. The entry to record the declaration of the dividend would include: arote in the financial statements that dividends of S4 per share are in arrears on preferred stock for 2021 O a credit of $20900 to Dividends Payable a debit of $20900 to Common Stock acredit of $4900 to Cash Dividends