Earlgrey Company earned net income of $110,000 during the year ended December 31, 2016. On December 15, Earlgrey declared the annual cash dividend on its 3% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (48,000 shares). Earlgrey then paid the dividends on January 4, 2017. Requirements 1. Journalize for Earlgrey the entry declaring the cash dividends on December 15, 2016. 2. Journalize for Earlgrey the entry paying the cash dividends on January 4, 2017 Requirement 1. Journalize for Earlgrey the entry declaring the cash dividends on December 15, 2016. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Debit Credit Accounts and Explanation 2016 Dec 15 Cash Dividends Dividends Payable-Preferred Dividends Payable-Common Requirement 2. Journalize for Earlgrey the entry paying the cash dividends on January 4, 2017. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Credit Accounts and Explanation Debit 2017 Jan. 4