The books of Sweet Corporation carried the following account balances as of December 31, 2017. Cash $ 179,000 Preferred Stock (6% cumulative, nonparticipating, $50 par) 326,000 Common Stock (no-par value, 309,000 shares issued) 1,545,000 Paid-in Capital in Excess of ParPreferred Stock 156,000 Treasury Stock (common 2,600 shares at cost) 36,000 Retained Earnings 102,600 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 1,630 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 $72,900. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 3,487.) Account Titles and Explanation Debit Credit For preferred dividends in arrears: Entry field with correct answer Retained Earnings Entry field with correct answer 19560 Entry field with correct answer Entry field with correct answer Treasury Stock Entry field with correct answer Entry field with correct answer 19560 For preferred current year dividend: Entry field with correct answer Retained Earnings Entry field with correct answer 19560 Entry field with correct answer Entry field with correct answer Cash Entry field with correct answer Entry field with correct answer 19560 For common share dividend: Entry field with correct answer Retained Earnings Entry field with incorrect answer 92700 Entry field with correct answer Entry field with correct answer Cash Entry field with correct answer Entry field with incorrect answer 92700 (b) Could Sweet Corporation give the preferred stockholders 2 years dividends and common stockholders a 30 cents per share dividend, all in cash? Entry field with correct answer