The books of Cheyenne Corporation carried the fol lowing account balances as of December 3 1,2020. Cash 35 2 14,000 Preferred Stock {6% cumulative, nonparticipating, $50 pa r] 230,000 Common Stock {no-par value, 305,000 shares issued]I 1,525,000 Paid-in Capital in Excess of Par Preferred Stock 138,000 Treasury Stock {common 3,100 shares at cost} 37,200 Retained Earnings 1 15,300 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 2 1, 2021, declared the following: "The current year dividends shall be 6% on the preferred and $0.30 per share on the common. The dividends in arrears shall be paid by issuing 1,400 shares of treasury stock." At the date of declaration, the preferred is selling at $7? per share, and the common at $12 per share. Net income for 2021 is estimated at $73,800, and the company will have an increase in it's cash position. {a} Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. {Credlt account titles are automatically indented when amount lsentered. Do not lndent manually lfne entnr is requlred, select "No Entry\" for the account titles and enter 0 for the amounts Round answers to 0 detlmal nieces. ear. 34830 (a) Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. (Credit account titles are automatically indented when 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. Round answers to O decimal places, e.g. 3,487.) Account Titles and Explanation Debit Credit For preferred dividends in arrears: For preferred current year dividend: For common share dividend:(b) Could Cheyenne Corporation give the preferred stockholders 2 years' dividends and common stockholders a 30 cents per share dividend, all in cash