Question 10 Not complete Marked out of 12.00 Hag question Cash Dividends Sanders Corporation has the following shares outstanding: 6,000 shares of $50 par value, 6% preferred stock and 40,000 shares of 51 par value common stock. The company has 5328,000 of retained earnings At year-end, the company declares its regular $3.00 per share cash dividend on the preferred stock and a $2.20 per share cash dividend on the common stock. Three weeks later, the company pays the dividends a. Determine the financial statement effect of the declaration of the cash dividends. b. Determine the financial statement effect of the payment of the cash dividends Balance Sheet Assets Liabilities Income statement Revenues Equity Expenses Net Income Check Previous BSave Answers IV 19 MacBook Air