Smith Co. was organized on 1-1-2018. During the first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. On 12-31-2019, the company declared the following cash dividends: 2018, $6,000 2019, $12,000; and 2020, $28,000 show the allocations of dividends to each class if preferred dividend is 8% cumulative same as above, but preferred dividend is 9%. Journalize the declaration of the dividend on 12-31-2020. C