On December 10, Energy Limited declared the annual cash dividend on its 8,500 $2.00 preferred shares and a $0.75 per share cash dividend on its 40,000 common shares. Energy Limited then paid the dividends on January 4, 2020. Energy Limited earned net income of $105,000 during the year ended December 31, 2019, and has sufficient cash to pay the dividends. 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 Journal Entry Date Accounts Debit Credit 2019 Dec. 10 Requirement 2. Journalize the payment of the cash dividends on January 8, 2020. Journal Entry Date Accounts Debit Credit 2020 Jan. 8