Wang Company currently has 200,000 shares of $1 par common stock outstanding and 3,000 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.30 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 $3 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.