The books of Waterway Corporation carried the following account balances as of December please submit answers as the template

The books of Waterway Corporation carried the following account balances as of December 31, 2025. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 284,000 shares issued) Paid-in Capital in Excess of Parpreferred Stock Treasury Stock (common 2,700 shares at cost) Retained Earnings The company decided not to pay any dividends in 2025. $190,000 316,000 1,420,000 140,000 32,400 99 , The board of directors, at their annual meeting on December 21, 2026, declared the following: "The current year dividends shall be 6% tock!' on the preferred and $0.30 per share on the common. The dividends in arrears shall be paid by issuing 1,580 shares of At the date of declaration, the preferred is selling at $86 per share, and the common at $12 per share. Net income for 2026 is Go to Settings t timated at 73,600. Account Titles and Explanation For preferred dividends in arrears: Retained Earnings preferred dividend For preferred current year dividend: Common Stock Dividend Distributable Cash For common share dividend4 Retained Earnings Dividends Payable Debit 18,960 18,960 18,960 creal 18,960 18,960 Activati Go to Set 18,960