Not yet answered Marked out of 1.00 36 On December 31, 2020, Kareem, Inc. has 1,500 shares of 6% $100 par value cumulative preferred stock and 90,000 shares of $10 par value common stock outstanding, On December 31, 2020, the directors declare a $30,000 cash dividend. The entry to record the declaration of the dividend would include .a a credit of $30,000 to Dividends Payable .b a debit of $30,000 to Common Stock . a credit of $30,000 to Cash Dividends .d a note in the financial statements that dividends of $3 per share are in arrears on preferred stock for 2020