Extreme inc Journal entry

Extreme, Inc. was incorporated on January 1, 2016. The company issued 4,000 shares of common stock and 1,700 shares of preferred stock on that date. The preferred stock is cumulative, $100 par, with a 12% dividend rate. The company has not paid any dividends yet. In 2019, the company had its first profitable year, and on December 31, 2019, the company declared a total dividend of $85,000. Prepare the joumal entry for the dividend declared for the common stockholders, after the preferred stockholders were paid