IOn January 1, 2013, Warhol Company issued

2 comma 0002,000

shares of 10%,

$ 120$120

par value, cumulative preferred stock for

$ 100 comma 000$100,000.

On December 30, 2015, the Board declared dividends of

$ 20$20

per share on the preferred stock. What journal entry is necessary for the declaration of dividends?