On January 1, of the current year, Jones Clothing Company issued 100,000 shares of $2 par common stock and 8,500 shares of preferred stock. The preferred stock is cumulative, $140 par, with a 10% dividend rate. Assuming no dividends in arrears, the journal entry to declare the preferred stock cash dividend would be: 119,000 O A. Dividends Payable - Preferred Cash Dividends 119,000 OB. Cash Dividends Dividends Payable - Preferred 119,000 119,000 1,190,000 O C. Cash Dividends Dividends Payable - Preferred 1,190.000 1,190,000 OD. Dividends Payable - Preferred Cash Dividends 1,190,000