On December 10, the Board of Directors of Win Corporation declares the following quarterly cash dividends. The date of record is December 10 and date of payment is January 2.
Dividend Per Share Total Dividend
Preferred stock, $10 par 10,000 $1.00 $10,000
Common stock, $5 par,
100,000 $0.20 $20,000
$30,000
Instruction: Post the necessary journal entry.