The books of Conchita Corporation carried the following account balances as of December 31, 2020. Cash $195,000 Preferred Stock (6% cumulative, nonparticipating, $50 par) 300,000 Common Stock (no-par value, 300,000 shares issued) 1,500,000 Paid-in Capital in Excess of Par-Preferred Stock 150,000 Treasury Stock (common 2,800 shares at cost) Retained Earnings 33,600 105,000 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 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 1,500 shares of treasury stock" At the date of declaration, the preferred is selling at $80 per share, and the common at $12 per share. Net income for 2021 is estimated at $77,000. (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 For preferred dividends in arrears: Debit Credit For preferred current year dividend: For common share dividend: Cash