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Earlgrey Company earned net income of $75,000 during the year ended December 31, 2018 On December 15, Earlgrey declared the annual cash dividend on its 3 % preferred stock (par value, $105,000) and a S0.75 per share cash dividend on its common stock (62,000 shares) Earlgrey then paid the dividends on January 4, 2019 Read the requirements Requirement 1. Jounalize for Earlgrey the entry declaring the cash dividends on December 15, 2018 (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Accounts and Explanation Debit Credit Date 2018 Retained Earnings Dec 15 Dividends Payable-Preferred Dividends Payable-Common Declared a cash dividend ST3-7 (5mar Earlgrey Company eamed net income of $75,000 during the year ended December 31, 2018. On December 15, Earlgrey declared the annual cash dividend on its 3 % preferred stock (par value, $105,000) and a $0.75 per share cash dividend on its common stock (62.000 shares) Earlgrey then paid the dividends on January 4, 2019 Read the requirements Requirement 1. Journalize for Earlgrey the entry declaring the cash dividends on December 15, 2018. (Record debits first, then credits Select the explanation on the last line of the jounal entry table) Credit Debit Accounts and Explanation Date 2018 Retained Earnings Dec 15 Dividends Payable-Preferred Dividends Payable-Common Declared a cash dividend