Record the declaration of a cash dividend on its common stock of $0.60 per share and a $20,800 ( 4% of par valuej) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) Record the declaration of a cash dividend on its common stock of $0.60 per share and a $20,800 ( 4% of par valuej) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)