Yorktown Corporation is authorized for 60,000 shares of 9%, $100 par value preferred stock and 500,000 shares of $3 par value common stock. On January 1, 2012, the company had 30,000 shares of preferred stock issued, 325,000 shares of common stock issued, and 20,000 shares in treasury stock. Prepare the journal entries to record the following transactions that occurred during 2016: Show all calculations. July 1 Declared a cash dividend on preferred stock. July 3 Declared a $.46 per share cash dividend on common stock. July 16 Date of Record for the preferred dividends declared on July 1. July 18 Date of Record for the common dividends declared on July 3. Aug. 3 Paid the preferred dividends declared on July 1. Aug. 5 Paid the common dividends declared on July 3. Dec. 31 Determined that Net Income is $630,000. Dec. 31 Closed dividends. Date Account Debit Credit In addition: Prepare the journal entry on Dec. 31 had Yorktown Corporation determined a Net Loss of $200,000