Question 12 15 pts Rancho Inc. has both common and preferred stock. There are 50,000 shares of $2 par common stock outstanding and 2,000 shares of $21 par, 7% cumulative preferred stock outstanding. The company did not pay any dividends last year. On June 1 of this year, the Board of Directors voted to give a $15,000 cash dividend to stockholders of record by June 15. The dividend would be paid on July 1. a) Calculate the amount of the dividend to be paid to each class of shareholders. PREFERRED COMMON CURRENT Select > Select b) Prepare journal entries to record the declaration. DEBIT CREDIT DATE DESCRIPTION JUNE Select) 01 Select Select) Select Select Select 1