Sam Corporation was organized on January 1, 2018. During its first two years, the corporation issued 1,000 cumulative preferred stock, $100 par, with a 10% dividend rate and 50,000 shares of $10 par value common stock. The corporation did not pay any dividends in its first two years. On December 31, 2020, Sam Corporation declared total dividends of $70,000. .......... The journal entry to record the declaration of cash dividend at December 31, 2020 includes: * Credit Cash Debit Dividend Payable Credit Dividend Expense Debit Cash Dividend None of the above The total amount of cash dividends that will be paid to preferred shareholders is: * $40,000 $30,000 $20,000 $10,000 None of the above The total amount of cash dividends that will be paid to common shareholders is: * $40,000 $30,000 $20,000 $10,000 None of the above