Sanders Corporation has the following shares outstanding 7,500 shares of 550 par value, six percent preferred stock and 50.000 shares of 51 par value common stock. The company has 5328,000 of retained earnings. At year-end, the company declares its regular 53 per share cash dividend on the preferred stock and a $2.2 per share cash dividend on the common stock. Three weeks later, the company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividends. b. Prepare the journal entry for the payment of the cash dividends. General Journal Description Cash Dividends Dividends Payable. Preferred Stock Dividends Payable. Common Stock To record declaration of dividend on preferred to demont Dividends Payable preferred Stock Dividends Payable common Stock To recordent of dividends on prod o n Check G incorrect Mark 0.00 out of 1.00 type to search