Sam Corporation was organized on January 1, 2018. During its first two years, the corporation issued 1,000 cumulative preferred stock, $150 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 Dividend Debit Cash Credit Dividend Payable Debit Dividend Expense O None of the above The total amount of cash dividends that will be paid to preferred shareholders is: $45,000 $30,000 O $25,000 O $15,000 O None of the above The total amount of cash dividends that will be paid to common shareholders is: O $45,000 0 $30,000 0 $25,000