Gleneagles Corporation earned net income of $100,000 during the year ended December 31, 2020 on December 15, Gleneagles had decle cash dividend on its common shares (25,000 shares for $50,000) Gleneagles then paid the dividends on January 4, 2021 Journalize the following for Gleneagles Corporation a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much? a. Journalize Gleneagles Corporation's declaration for the cash dividends on December 15, 2020 (Record debits first, then credits. Expl Journal Entry Accounts Debit Credit 2020 Dec 15 ridonde on lanuary 4 2021 Question Help meagles had declared the annual cash dividend on its $0.90 preferred shares (11,500 shares issued for $115,000) and a $1.00 per share n credits. Explanations are not required.) Paymg the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much? b. Journalize Gleneagles Corporation's payment of the cash dividends on January 4, 2021 Journal Entry Accounts Debit Credit 2021 Jan Did Retained Earnings increase or decrease during 20207 By how much? During 2020, retained earnings bys Choose from any list or enter any number in the input fields and then continue to the next