PROBLEM VI On January 1, 2018 Rosco Company's board of directors declared $100,000 cash dividends for stockholders of record on March 1, 2018. The dividends was schedule for payment on July 1, 2018. Instructions (a) 1. Prepare the journal entry for January 1, 2018. 2. Prepare the journal entry for March 1, 2018. 3. Prepare the journal entry for July 1, 2018. (b) Assume the same facts as above, expect that the company had 10,000 shares of $100 par value 6% preferred stock and 100,000 shares of $1 par value common stock outstanding. The preferred stock was non-cumulative. The company did not declare or pay dividends for 2017. For 2018 compute (1) Dividend paid to Preferred Stock AND (2) Dividend paid to Common Stock