Question Help Gifford Corporation earned net income of $115,000 during the year ended December 31, 2020. On December 15, Gifford had declared the annual cash dividend on its $0.35 preferred shares (25,000 shares issued for $250 000) and a $0.45 per share cash dividend on its common shares (20,000 shares for $40,000). Gifford then paid the dividends on January 4, 2021 Journalize the following for Gifford Corporation a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much? b. Journalize Gifford Corporation's payment of the cash dividends on January 4, 2021 Journal Entry Debit Credit Accounts 2021 Jan 4 Did Retained Earnings increase or decrease during 2020? By how much? Dunng 2020, retained earnings by s. Choose from any list or enter any number in the input fields and then continue to the next question. 20 ENG 2:23 PM 2031-07-02 A