The books of Bramble Corporation carried the following account balances as at December 1,2023 : The preferred shares have dividends in arrears for the past year (2022). On December 21, 2023, the board of directors declared the following: The current-year dividends shall be $2 per share on the preferred and $0.70 per share on the common; the dividends in arrears shall be paid first by issuing one common share for cach 10 preferred shares held. The preferred shares are currently selling at $35 per share and the common shares at $17 per share. Net income for the year ending December 31,2023 , is estimated at $48,000. (a) Prepare the journal entries that are required tor the dividend declaration, distribution, and payment, assuming that they occur at the same time. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)