Requirements Journalize the following for Gifford: a. Declaring the cash dividends on December 15, 2021 b. Paying the cash dividends on January 4,2022 Did retained earnings increase or decrease during 2021? By how much? Gifford Corporation earned net income of $115,000 during the year ended December 31,2021 . On December 15, Gifford declarod the annuat cash dividend on its 8w, proforred stock (10,500 shares with total par value of $105,000) and a $0.10 per share cash dividend on its common stock (45,000 shares with total par value of $450,000). Giflord then paid the dividends on Jarwary 4,2022 . Resd the ceoulrements, a. Journalize for Gifford Corporation the declaration for the cash dividends on December 15, 2021, (Reoord dobits firat, then crodits. Exclude axplanations trom any journal entron Use any a sivel account to record the tivedendsi)