Java Company earned net income of $$85,000$ during the year ended December $31,2024.$ On December $15,$ Java declared the annual cash dividend on its $4\%$ preferred stock $($par value, $$120,000)$ and a $$0\mathrm{.}25$ per share cash dividend on its common stock $(50,000$ shares$).$ Java then paid the dividends on January $4,2025$

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