Preferred Dividends Nathan Products' equity includes 10.8%, $100 per preferred stock. There are 100,000 shares authorized and 25,000 shares outstanding. Assume that Nathan Products declares and pays preferred dividends quarterly Required: 1. Prepare the journal entry to record declaration of one quarterly dividend. If an amount box does not require an entry, leave it blank Dividends Declared Dividends Payable 2. Prepare the journal entry to record payment of the one quarterly dividend. If an amount box does not require an entry, leave it blank. Dividends Payable Cash , 88