The books of Stellar Corporation carried the following account balances as of December 31, 2017.

Cash $ 210,000

Preferred Stock (6% cumulative, nonparticipating, $50 par) 310,000

Common Stock (no-par value, 284,000 shares issued) 1,420,000

Paid-in Capital in Excess of ParPreferred Stock 157,000

Treasury Stock (common 2,900 shares at cost) 31,300

Retained Earnings 106,100

The company decided not to pay any dividends in 2017. The board of directors, at their annual meeting on December 21, 2018, 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 1,550 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 2018 is estimated at $81,400.

Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously.

a.) For preffered dividends in arrears

b.) For preffered current year dividend

c.) For common share dividend