Glenwood Corporation eamed net income of $75,000 during the year ended December 31, 2020. On December 15, Glenwood had declared the annual cash dividend on its $0.80 preferred shares (10,500 shares issued for $105,000) and a $0.90 per share cash dividend on its common shares (15,000 shares for $30,000). Glenwood then paid the dividends on January 4, 2021. Joumalize the following for Glenwood 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? CHCESARIO a. Journalize Glenwood Corporation's declaration for the cash dividends on December 15, 2020. (Record debits first, then credits. Explanations are not required.) Date Accounts Debit Credit Dec. 15, 2020 Retained Earnings Dividends Payable b. Journalize Glenwood Corporation's payment of the cash dividends on January 4, 2021 Date Accounts Debit Credit Jan 4, 2021 Dividends Payable Cash Glenwood Corporation eamed net income of $75,000 during the year ended December 31, 2020. On December 15, Glenwood had declared the annual cash dividend on its $0.80 preferred shares (10,500 shares issued for $105,000) and a $0.90 per share cash dividend on its common shares (15,000 shares for $30,000). Glenwood then paid the dividends on January 4, 2021. Joumalize the following for Glenwood Corporation: Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Eamings increase or decrease during 2020? By how much? a DIVIUEus Payable b. Joumalize Glenwood Corporation's payment of the cash dividends on January 4, 2021. Debit Credit Date Accounts Jan. 4. 2021 Dividends Payable Cash Did Retained Earnings increase or decrease during 2020? By how much? During 2020, retained earnings increased by $11 Time Remaining: 00:53:43 Calculator 5C Cloudy (3) ENG 22 Ei to search