Hazelnut Company earned net income of $$102,000$ during the year ended December $31,2024.$ On December $15,$ Hazelnut declared the annual cash dividend on its $3\%$ preferred stock $($par value,

$$130,000)$ and a $$0\mathrm{.}50$ per share cash dividend on its common stock $(62,000$ shares$).$ Hazelnut then paid the dividends on January $4,2025.$

Read the requirements.

Requirement $1.$ Journalize for Hazelnut the entry declaring the cash dividends on December $15,2024.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Requirement $2.$ Journalize for Hazelnut the entry paying the cash dividends on January $4,2025.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$