Omar Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2020. Instructions a) Assume the preferred dividend and a common dividend of $1 per share are declared on December 31, 2020 and paid on January 15, 2021. Prepare the journal entry to record the declaration and payment of the dividends. b) Assume the dividends in a) above were not declared on December 31,2020 . If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31,2017,(1) what are the dividends in arrears on December 31 , 2020, and (2) how should these dividends be reported