Greenwood Corporation eamed net income of $75,000 during the year ended December 31, 2018. On December 15, Greenwood declared the annual cash dividend on its 1% preferred stock (10,000 shares with total par value of $100.000) and a $0.15 per share cash dividend on its common stock (55,000 shares with total par value of $550,000). Greenwood then paid the dividends on January 4, 2019. Read the requirements a. Journalize for Greenwood Corporation the declaration for the cash dividends on December 15, 2018. (Record debits first, then credits. Exclude explanations from any journal entries. Use only a single account to record the dividends.) Journal Entry Accounts Date Debit Credit 2018 Dec 83250 15 Retained Eamings Dividends Payable 83250 b. Joumalize for Greenwood Corporation the payment of the cash dividends on January 4, 2019. Journal Entry Date Accounts Debit Credit 2019 Jan 83250 4 Dividends Payable Cash 83250 Did retained earnings increase or decrease during 2018? By how much? During 2018, retained earnings decreased by $ 8250