Gammon, Inc., declared dividends during the current year as follows. The current year's cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of the declaration. A cash dividend of $0.75 per share on the $10 par value common stock 750,000 shares were outstanding at the time of the declaration. Prepare the general journal entries to record the declaration and payment of these dividends, assuming the declaration is recorded directly in retained earnings. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record dividends declared on preferred and common stock. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal