Preferred shares, $2,00 (dividend rate), 100,000 shares authorized, 10,000 shares issued Common shares, unlimited number of shares authorized 100,000 shares issued Required Assume that the preferred shares are cumulative and that there have been no dividends declared in 2017, 2018 and 2019. Prepare the journal entry to record the declaration (December 3) and payment (Dec 25) of a dividend in the total amount of $150,000, on December 3, 2020. It was paid on December 25, 2020