Linens Enterprises earned net income of $115,000 during the year ended December 31, 2018. On December 15, 2018, Linens Enterprises declared the annual cash dividend on its 7 percent preferred stock (total par value, $125,000) and a $0.20 per share cash dividend on its common stock (70,000 shares outstanding). Linens Enterprises then paid the dividends on January 4, 2019. Read the requirement. a. Journalize the declaration of the cash dividends on December 15, 2018. (Prepare a single compound entry. For purposes of this problem, use a single account to report the dividends and not separate accounts for dividends on common stock versus dividends on preferred stock. Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Dec 15 b. Journalize the payment of the cash dividends on January 4, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Jan Requirement Journalize for Linens Enterprises a. Declaring the cash dividends on December 15, 2018 b. Paying the cash dividends on January 4, 2019