E 21-3A (LO3) July 10. Dr. Cash Dividends, $60,000 SHOW ME HOW COMMON AND PREFERRED CASH DIVIDENDS Wang Company currently has 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 $0.30 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 peir share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the