Problem 11-23A Cash dividends: Common and preferred stock LO 11-3 Nowell Inc. had the following stock issued and outstanding at January 1. Year : 1. 150.000 shares of no-par common stock. 2. 30.000 shares of $50 par. 4 percent, cumulative preferred stock. (Dividends are in arrears for one year 2015.) On March 8, Year 1, Nowell declared a $175.000 cash dividend to be paid March 31 to shareholders of record on March 20. Required a. What amount of dividends will be paid to the preferred shareholders versus the common shareholders? Distributed to Shareholders Preferred Common Total Dividend Declared Preferred Arrearage Current Preferred Dividend Available for Common Distributed to Common Total b. Prepare the journal entries required for these transactions. (Be sure to include the dates of the entries.) (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list > Record the declaration of dividends. 2 Record the dividends payable to the shareholders on record. 3 Record the payment of dividends. Record the year end adjustment for dividend. 4 Credit Note := journal entry has been entered Record entry Clear entry View general journal