Stockholders' Paid-In Capital: $ 176,000 Preferred Stock10%, $ 8 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock-$3 Par Value; 575,000 shares authorized, 310,000 shares issued and outstanding 930,000 620,000 Paid-In Capital in Excess of ParCommon Total Paid-In Capital 1,726,000 160,000 Retained Earnings $ 1,886,000 Total Stockholders' Equity 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $15,600 in 2018 and $49,000 in 2019. Assume no changes in preferred stock and common stock in 2019. 2. Record the journal entries for 2018, assuming that Southern Communications declared the dividend on December 1 for stockholders of record on December 10. Southern Communications paid the dividend on December 20. Southern Communications has the following stockholders' equity on December 31, 2018: (Click on the icon to view the stockholders' equity) Read the requirements. Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $15,600 in 2018 and $49,000 in 2019. Assume no changes in preferred stock and common stock in 2019. (Assume all preferred dividends have been paid prior to 2018. Complete all input boxes. Enter a "0" for zero amounts. For the current year preferred dividend, be sure to enter the calculated dividend on the "current year dividend" line and the paid out dividend on the "total dividend to preferred stockholders" line.) Southern's 2018 dividend would be divided between preferred and common stockholders in this manner: Total Dividend2018 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Southern Communications has the following stockholders' equily on December 31, 2018: (Click on the icon to view the stockholders' equity) Read the requirements Southern's 2019 dividend would be divided between preferred and common stockholders in this manner: Total Dividend-2019 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Requirement 2. Record the journal entries for 2018, assuming that Southern Corrimunications declared the dividend on December 1 for stockholders of record on December 10. Southern Communications paid the dividend on December 20. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required. select 'No entry required' on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Dec. 1. 2018: Declared dividend. Date Accounts and Explanation Debit Credit Dec, 1 Dec. 10, 2018: Date of record. Date Accounts and Explanation Debit Credit Dec. 10 Dec. 20, 2018: Paid dividend. Date Accounts and Explanation Debit Credit Dec. 20