3. Marinelli Corporation has $50,000 to pay out in dividends. On June 15 they declare a $1.50 per share dividend on their 16,000 preferred shares and the remainder will be paid out to their 52,000 common shares.

1. Record the journal entry on June 15 when the dividend is declared.
2. Record the journal entry on June 30 when the dividend is paid.
3. What would be the dividend per share on the common shares?