Problem 11-23A Cash dividends: Common and preferred stock Nowell Inc. had the following stock issued and outstanding at January 1, Year 2: 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, Year 1.) 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? b. Prepare the journal entries required for these transactions. (Be sure to include the dates of the entries.) HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW S Cut CD Copy FLEHOMENSER CalibiA AWrap TeaGenera B l u . ..a. Merge & Center . $. % PasteFormat Painter Clipboard Font Nu 134 F 8 11-23. 9 a. Distribution of Dividend: Distributed to Shareholders Preferred Common Total Dividend Declar Preferred Arrearage Current Preferred Div Available for Commo Distributed to Commo Total L b. Date Account Titles Debit Credit