Larkspur Inc. has 87,600 common and 15,800 $0.45 cumulative preferred shares outstanding. On December 10, the directors declared dividends of $70,140 to the shareholders of record on December 21, payable January 12. Dividends have not been paid for the past three years. Calculate the amount of dividends payable to each of the common shareholders and the preferred shareholders $ Dividends payable to the preferred shareholders $ Dividends payable to the common shareholders Prepare the required entries on each of these dates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record Journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Dec. 10 Prepare the required entries on each of these dates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Reford journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dc, 10 (To record declaration of dividend.) un (To record payment of dividends.) Submit Answer Attempts: 0 of 1 used Save for Later