The books of Marigold Corporation carried the following account balances as of December 31, 2025. Cash $209,000 Preferred Stock (6% cumulative, nonparticipating, $50 par) 284,000 Common Stock (no-par value, 318,000 shares issued) 1,590,000 Paid-in Capital in Excess of Par-Preferred Stock 156,000 Treasury Stock (common 3,000 shares at cost) 36,000 Retained Earnings 111,900 The company decided not to pay any dividends in 2025. The board of directors, at their annual meeting on December 21, 2026, 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 1,420 shares of treasury stock." At the date of declaration, the preferred is selling at $84 per share, and the common at $12 per share. Net income for 2026 is estimated at $70,200. a. Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. (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.) Account Titles and Explanation For preferred dividends in arrears: Debit Credit For preferred current year dividend: For common share dividend: