Gleneagles Corporation earned net income of $70,000 during the year ended December 31,2020 . On December 15 , Gleneagles had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000 ) and a $0.60 per share 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. Explanations are not required.) b. Journalize Gleneagles Corporation's payment of the cash dividends on January 4, 2021. Did Retained Earnings increase or decrease during 2020? By how much? During 2020 , retained earnings by $