Drexel Corp. had the following transactions related to dividends during 20201-MarThe company declared a $2 per share cash dividend to its common shareholders.The date of record is April 1 and the payment date is May 1.Number ofcommon shares outstanding30,0001-JunThe company declared a dividend on their 4% preferred stock.The stock iscumulative and the dividends for the past 3 years have not been declared.(dividends in arrrears).This stock has a par value of $10 per share.Number of preferred shares outstanding20,000Date of record is July 1and payment date is August 1.Instructions:Prepare the journal entries to record the cash dividends.