Mocha Company earned net income $75,000 during the year ended December 31, 2016. On December ?15, Mo

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Mocha Company earned net income $75,000 during the year ended December 31, 2016.

On December ​15, Mocha declared the annual cash dividend on its 6​% preferred stock​ (par value, $118,000​ and a $0.25 per share cash dividend on its common stock left parenthesis (48,000 shares). Mocha then paid the dividends on January 4, 2017.

Requirements

1. Journalize for Mocha the entry declaring the cash dividends on December 15,2016.

2. Journalize for Mocha the entry paying the cash dividends on January ​4, 2017.