Nutritious Pet Food Company's board of directors declares a cash dividend of $5,400 on June 30. At that time, there are 2,500 shares of $4 par value 4% preferred stock outstanding and 7,400 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