Gleneagles Corporation earned net income of $85,000 during the year ended December 31, 2021. On December 15, Gleneagles declared the annual cash dividend on its 4% preferred stock (11,000 shares with total par value of $110,000) and a $0.75 per share cash dividend on its common stock (35,000 shares with total par value of $350,000). Gleneagles then paid the dividends on January 4, 2022. Read the requirements. a. Journalize for Gleneagles Corporation the declaration for the cash dividends on December 15, 2021. (Record debits first, then credits. Exclude explanations from any journal entries. Use only a single account to record the dividends.) Journal Entry Date Accounts Debit Credit 2021 Dec 15 Journalize the following for Gleneagles: a. Declaring the cash dividends on December 15, 2021 b. Paying the cash dividends on January 4, 2022 Did retained earnings increase or decrease during 2021? By how much