Earlgrey Company eamed net income of $105,000 during the year ended December 31, 2024, On December 15, Earlgrey declared the annual cash dividend on its 3% preferred stock (par value, $118,000 ) and a $0.75 per share cash dividend on its common stock (40,000 shares). Earlgrey then paid the dividends on January 4,2025. Requirement 1. Journalize for Earlgrey the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Be sure to record separate accounts payable for each type of stock and include the type of stock in the account names where applicable. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) Requirement 2. Journalize for Earlgrey the entry paying the cash dividends on January 4,2025 . (Record debits first, then credits. Be sure to record separate accounts payable for each type of stock and include the type of stock in the account names where applicable. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.)