The following elements of stockholders' equity are from the balance sheet of Smith Marketing Corp. at December 31, 2017: (Click on the icon to view the data.) Smith paid no preferred dividends in 2017 Read the requirements. Requirement 1. Compute the dividends to the preferred and common shareholders for 2018 if total dividends are $205,000 and assuming the preferred stock is noncumulative Assume no changes in preferred and common stock in 2018. (Complete all input boxes. Enter for any zero amounts.) Smith's 2018 dividend would be divided between preferred and common stockholders in this manner: Total Dividend-2018 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders 1. Compute the dividends to the preferred and common shareholders for 2018 if total dividends are $205,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2018. Record the journal entries for 2018 assuming that Smith Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Smith paid the dividends on July 31. Stockholders' Equity Paid-In Capital: Preferred Stock5%, $2 Par Value; 110,000 shares authorized, 60,000 shares issued and outstanding Common Stock-$0.10 Par Value; 9,250,000 shares authorized, 8,500,000 shares issued and outstanding $ 120,000 850,000