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11/14/21, 1:12 PM CenpageNOWY21 Online teaching and learning resource from Cengage Learning Nutritious Pet Food Company's board of directors declares a cash dividend of $5,400 on June 30. At that time, there are 3,400 shares of $5 par value 6% preferred stock outstanding and 6,800 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 Retained Earnings (for preferred stock) Retained Earnings for common stock Cash Dividends Payable Feedback Check My Work Preferred shareholders must be paid dividends before common shareholders are paid. The preferred stock dividend percentage is used to determine the total amount of dividends they are to receive relative to the total value of the issues currently outstanding. Once they are paid, any remaining amount of the dividend is paid to common shareholders