Question 8 On December 31, 2020, Sunland, Inc. has 3600 shares of 6% $100 par value cumulative preferred stock and 59700 shares of $10 par value common stock outstanding. On December 31, 2020, the directors declare a $18000 cash dividend. The entry to record the declaration of the dividend would include: O a debit of $18000 to Common Stock. a credit of $18000 to Dividends Payable. a note in the financial statements that dividends of $4 per share are in arrears on preferred stock for 2020. a credit of $18000 to Cash Dividends. Click if you would like to Show Work for this question: Qpen Show Work