The books of Teal Corporation carried the following account balances as of December 21, 2020. Preferred Stack (&cumulative, nonparticipating $50 par) Commen Stock (no-par value, 317,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Steck common 2.800 shares at cost Retained Earnings $203,000 294,000 1.585.000 145.000 33. 100 107.500 The company decided not to pay any dividends in 2020. The board of directors at their annual meeting on December 21, 2021. declared the followingThe current year dividends shall be on the preferred and $0.30 per share on the common. The dividends in arrears shall be paid by issuing 1.470 shares of trexony stock. At the date of declaration, the preferred is selling at $82 per share, and the common at $12 per share. Net income for D21 is estimated at $74.900 la) Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. Credit decourt titles az automatically indended when amount is endered. Do not indend manually If no ernity is required, select "No Entry for the decourties and enter O for the amounts. Round answers to decimal places, eg 3,4874) Account Tides and Explanation For preferred dividends in arrears: Debic Credit For preferred current year dividend. For common share dividend