1. Compute the dividends to the preferred and common shareholders for 2024 if total dividends are $195,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2024. 2. Record the journal entries for 2024 assuming that Smitts Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Smitts paid the dividends on July 31. Print Done Stockholders' Equity Paid-In Capital: Preferred Stock7%, $2 Par Value; 100,000 shares authorized, 75,000 shares issued and outstanding Common Stock-$0.10 Par Value; 9,250,000 shares authorized, 8,500,000 shares issued and outstanding $ 150,000 850,000 Print Done The following elements of stockholders' equity are from the balance sheet of Smitts Marketing Corp. at December 31, 2023: (Click on the icon to view the data.) Smitts paid no preferred dividends in 2023. Read the requirements. Requirement 1. Compute the dividends to the preferred and common shareholders for 2024 if total dividends are $195,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2024. (Complete all input boxes. Enter "0" for any zero amounts.) Smitts's 2024 dividend would be divided between preferred and common stockholders in this manner: Total Dividend 2024 195,000 Dividend to preferred stockholders: Dividend in arrears 0 Current year dividend 7,000 Total dividend to preferred stockholders 7,000 188,000 Dividend to common stockholders