Questo 3 Not compete Marked out at ar Flap llestion Identifying and Analyzing Financial Statement Effects of Cash Dividends Freid Corp. has outstanding 6,000 shares of $50 par value. 6% preferred stock, and 20,000 shares of $1 par value common stock. The company has $328,000 of retained earnings. At year-end, the company declares and pays the regular 53 per share cash dividend on preferred stork and a $2,20 per share cash dividend on common stock, a. Using the financial statement effects template, illustrate the effects of these two dividend payments, Use a negative sign with your answers, when appropriate. Balance Sheet Income Statement Noncash Contrib. Earned Transaction Cash Asset + Asset = Liabilities + Capital + Capital Revenues Expenses = Net Income 13731 Declared and paid cash didend on proferred stock $ 12/31 Declared and paid cash dividend on tar stock + = $ + $ S - $ $ b. Prepare the journal entries for the two dividend payments. Date Description Debit Credit (1) 12/31 Record preferred dividend (2) 12/31 Record common dividend c. Post the journal entries from b to the related T-accounts. Cash (A) Retained Eamings (SE) (1) 12/31 (1) 12/31 (2) 12/31 (2) 12/31 Check