Glengyle Corporation earned net income of $115,000 during the year ended December 31, 2021. On December 15, Glengyle declared the annual cash dividend on its 9% preferred stock (25,000 shares with total par value of $250,000) and a $0.50 per share cash dividend on its common stock (30.000 shares with total par value of $300,000). Glengyle then paid the dividends on January 4, 2022. Read the requirements a. Journalize for Glengyle Corporation the declaration for the cash dividends on December 15, 2021. (Record debits first, then credils. Exclude explanations from any joumal entries. Use only a single account to record the dividends.) Journal Entry Date Accounts Debit Credit - X 2021 Requirements Dec 150 Journalize the following for Glengyle: 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? Print Done