Nowell Inc. had the following stock issued and outstanding at January 1, 2016: 79,000 shares of no-par common stock. 10, 700 shares of $80 par. 3 percent, cumulative preferred stock. (Dividends are in arrears for one year, 2015.) On March 8, 2016. Nowell declared a $68, 060 cash dividend to be paid March 31 to shareholders of record on March 20. Required What amount of dividends will be paid to the preferred shareholders versus the common shareholders? (Amounts to be deducted should be indicated with minus sign.) Prepare the journal entries required for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal On March 8, Nowell declared a $68, 060 cash dividend to be paid March 31