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Q 14.2: On December 31, 2020, Little Richard, Inc., has 2,000 shares of 6% $100 par value cumulative preferred stock and 30,000 shares of $10 par value common stock outstanding. On December 31, 2020, the directors declare an $8,000 cash dividend. The entry to record the declaration of the dividend would include a credit of $8,000 to Dividends Payable. a debit of $8,000 to Common Stock. a credit of $8,000 to Retained Earnings a note in the financial statements that dividends of $8 per share are in arrears on preferred stock for 2020