The stockholders' equity section of Sands Corporation as of January 1 is: 300,000 6% Preferred Stock, $50 par value; 20,000 shares authorized; 6,000 shares issued and outstanding 400,000 Common Stock, $10 par value; 60,000 authorized; 40,000 shares issued; 35,000 shares outstanding 30,000 Paid-in Capital in Excess of Par Preferred Stock 110,000 Paid-in Capital in Excess of Par Common Stock 340,000 Retained Earnings Treasury Stock Common Stock, 5,000 shares 55.000 Prepare the following selected journal entries, if any, for year. 1. On Feb. 12, a total cash dividend of $70,000 was declared and paid. Record preferred stock dividends separately from common stock dividends. Debit Credit