E13-27 Computing dividends on preferred and common stock and journalizing Northern Communications has the following stockholders' equity on December 31, 2018: $ 220,000 Stockholders' Equity Paid-In Capital: Preferred Stock5%, $11 Par Value; 150,000 shares authorized, 20,000 shares issued and outstanding Common Stock-$2 Par Value; 575,000 shares authorized, 380,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity 760,000 680,000 1,660,000 200,000 $ 1,860,000 Requirements 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $9,000 in 2018 and $45,000 in 2019. Assume no changes in preferred stock and common stock in 2019. 2. Record the journal entries for 2018, assuming that Northern Communications declared the dividend on December 1 for stockholders of record on December 10. Northern Communications paid the dividend on December 20