Hazelnut Company earned net income of $90,000 during the year ended December 31 2024 On December 15, declared the annual cash dividend on its 3% preferred stock (par value,125,000 ) and a $0.75 per share cash dividend on its common stock 42,000shares). then paid the dividends on 4, 2025

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

Journalize for Hazelnut the entry paying the cash dividends on January 4, 2025.