Glenwood Corporation eamed net income of $$90,000$ during the year ended December $31,2021.$ On December $15,$ Glenwood declared the annual cash dividend on its $1\%$ preferred stock $(13,000$ shares with total par value of $$130,000)$ and a $$0\mathrm{.}45$ per share cash dividend on its common stock $(65,000$ shares with total par value of $$650,000).$ Glenwood then paid the dividends on January $4,2022.$

Read the requirements.

a$.$ Journalize for Glenwood 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

b$.$ Journalize for Glenwood Corporation the payment of the cash dividends on January $4,2022.$

Glenwood Corporation earned net income of $$90,000$ during the year ended December $31,2021.$ On December $15,$ Glenwood declared the annual cash dividend on its $1\%$ preferred stock $(13,000$ shares with total par value of $$130,000)$ and a $$0\mathrm{.}45$ per share cash dividend on its common stock $(65,000$ shares with total par value of $$650,000).$ Glenwood then paid the dividends on January $4,2022.$

Read the requirements.

Journal Entry

Requirements

Journalize the following for Glenwood:

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?