Greentea Company earned net income of $100,000 during the year ended December 31, 2018. On December 15, Greentea declared the annual cash dividend on its 5% preferred stock (par value, $108,000) and a $1.00 per share cash dividend on its common stock (55,000 shares). Greentea then paid the dividends on January 4, 2019. Read the requirements Requirement 1. Journalize for Greentea the entry declaring the cash dividends on December 15, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit 2018 Dec. 15 Cash Dividends Dividends Payable-Common Dividends Payable-Preferred Declared a cash dividend