Greentea Corporation earned net income of $85,000 during the year ended December 31, 2021. On December 15, Greentea declared the annual cash dividend its 1% preferred stock (12,500 shares with total par value of $125,000 and a $0.45 per share cash dividend on its common stock (70,000 shares with total par value of $700,000). Greentea then paid the dividends on January 4, 2022.

Greentea Corporation earned net income of $85,000 during the year ended December 31,2021 . On December 15 , Greentea declared the annual cash dividend on its 1% preferred stock (12,500 shares with total par value of $125,000) and a $0.45 per share cash dividend on its common stock (70,000 shares with total par value of $700,000). Greentea then paid the dividends on January 4,2022. Read the requirements. a. Joumalize for Greentea Corporation the declaration for the cash dividends on December 15, 2021. (Record debits first, then credits, Exclude explanations from any joumbl entries. Use only a single account to record the dividends.)