Question 2 Notcom Marindout of 2.00 P iag question Cash Dividends Sanders Corporation has the following shares outstanding: 8.500 shares of $50 par value, six percent preferred stock and 55.000 shares of $1 par value common stock. The company has 5328,000 of retained earnings. At year-end, the company declares its regular 53 per share cash dividend on the preferred stock and a $2.2 per share cash dividend on the common stock, Three weeks later, the company pays the dividends. soddns a. Prepare the journal entry for the declaration of the cash dividends. b. Prepare the journal entry for the payment of the cash dividends. General Journal Description Dividends Payable. Common Stock To record declaration of dividend on preferred stock andcommons Dividends Payable. Common Stock To record payment of dividends on preferred and common stocks Check