On December 31, 2020, Crane, Inc. has 3800 shares of 6% $100 par value cumulative preferred stock and 60300 shares of $10 par value common stock outstanding. On December 31, 2020, the directors declare a $21400 cash dividend. The entry to record the declaration of the dividend would include: a debit of $21400 to Common Stock. a credit of $21400 to Dividends Payable. a credit of $21400 to Cash Dividends. a note in the financial statements that dividends of $4 per share are in arrears on preferred stock for 2020.