OBOOK SHOW ME La Common and Preferred Cash Dividends Wang Company currently has 220,000 shares of $1 par common stock outstanding and 2,800 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.3 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of $4 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaratio and payment of the common and preferred stock cash dividends. Page: 1 DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 20- 1 Cash Dividends July 10 Check My Work All work saved. Save and Exit Submit Assignment for Grading Page: 1 DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 20-- July 10 Cash Dividends 1 1 Common Dividends Payable 2 2 3 3 4 July 15 4 Cash Dividends Preferred Dividends Payable II II II II II 5 5 6 6 Common Dividends Payable 7 7 Aug. 5 Cash 8 CO 9 9 Preferred Dividends Payable 10 10 Aug. 10 Cash 11 11 12 12 Feedback Check My Work Three important dates in the declaration and payment of dividends are 1. Date of declaration, 2. Date of record, and 3. Date of payment. Journal entries ar Previous Check My Work Save and Exit Submit Assignment All work saved