Tri $-$ State Roofing and Siding, Inc. reported the following shareholders' equity section as of the beginning of the current year:

Read the requirements.

Requirement a$.$ Prepare the journal entry required to record the preterred stock issue. $($Kecord debits tirst, then credits. Exclude explanations trom any journal entnes.$)$

Requirement b$.$ Prepare the journal entries required to record the declaration and payment of the cash dividends. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Begin with the journal entry for the declaration of the preferred shares dividends. of the current year:

Data table

st$,$ then credits. Exclude explanations trom any journal entres.$)$

ividends. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$