Sage Hill Inc has the following shares outstanding: 60,700 common and 21,100 $ 0.65 cumulative preferred. On December 15, the directors declared dividends of $ 68,460 to the shareholders of record on December 28. payable January 10. Dividends have not been paid for the last two years. * Your answer is incorrect. Calculate the amount of dividends payable to each of the common shareholders and the preferred shareholders. $ 40950 Dividends payable to the preferred shareholders $ 27510 Dividends payable to the common shareholders Save for Later Attempts: 1 of 2 used Submit Answer (b) Prepare the required entries on each of these dates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 15 (To record declaration of dividend.)