Lake Enterprises has both common and preferred stock. There are 40,000 shares of $2 par common stock outstanding and 2,000 shares of $21 par, 8% cumulative preferred stock outstanding. The company did not pay any dividends last year. On June 1 of this year, the Board of Directors voted to give a $15,000 cash dividend to stockholders of record by June 15. The dividend would be paid on July 1. a) Calculate the amount of the dividend to be paid to each class of shareholders. Current Preferred Common b) Prepare journal entries to record the declaration and payment of the dividends (Hint: use the Account List - click to pop open to help you with your journal entries). Date June 1 July 1 > Next Question Description Debit Credit