Need help with Q2

Requirement 2. Record the journal entries for 2018 assuming that Smitts Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Smitts paid the dividends on July 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jul. 1, 2018: Declared dividend. Date Accounts and Explanation Debit Credit Jul. 1 9600 150000 Dividends PayablePreferred Dividends PayableCommon No entry required No entry required Declared a cash dividend. Requirements 1. Compute the dividends to the preferred and common shareholders for 2018 if total dividends are $150,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2018. 2. Record the journal entries for 2018 assuming that Smitts Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Smitts paid the dividends on July 31. Data Table Stockholders' Equity Paid-In Capital: Preferred Stock-8%, $2 Par Value; 130,000 shares authorized, 60,000 shares issued and outstanding Common Stock-$0.10 Par Value; 11,250,000 shares authorized, 10,500,000 shares issued and outstanding $ 120,000 1,050,000