Wang Company currently has $210,000$ shares of $$1$ par common stock outstanding and $2,600$ shares of $$50$ par preferred stock outstanding. On July $10,$ the board of directors declared a semiannual dividend.of $$0\mathrm{.}26$ per share on common stock to shareholders of record on August $1,$ payable on August $5.$

On July $15,$ the board of directors declared a semiannual dividend of $$2$ per share on preferred stock to shareholders of record on August $5,$ payable on August $10.$

Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.

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