On December 15, 2024, the board of directors of Novak Inc. declared the annual preferred share dividend and a $0.50 common share dividend to shareholders of record on January 1. The dividend will be paid on January 31 . The company has 17500$3 noncumulative preferred shares and 88900 common shares. Which of the following journal entries should the compary record on January 1 ? no journal entry. Cash Dividends-Preferred 52500 Cash Dividends-Common 44450 Dividends Payable 96950 no journal entry Dividends Payable 96950 Cash 96950