On December 10, Energy Limited declared the annual cash dividend on its 6,500 $5.50 preferred shares and a $1.25 per share cash dividend on its 50,000 common shares. Energy Limited then paid the dividends on January 4, 2020. Energy Limited earned net income of $100,000 during the year ended December 31, 2019, and has sufficient cash to pay dividends. the Required 1. Journalize the declaration of the cash dividends on December 10, 2019. 2. Journalize the payment of the cash dividends on January 8, 2020. Requirement 1. Journalize the declaration of the cash dividends on December 10, 2019. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date 2019 Dec. 10 Cash Accounts Payable Debit Credit Requirement 2. Journalize the payment of the cash dividends on January 8, 2020. Journal Entry Date 2020 Jan. Accounts 8 Accounts Payable Cash Debit Credit