Reference no: EM13609704

Lane Corporation was authorized to issue 83,000 shares of $6 par common stock and 19,000 shares of $75 par, 8 percent, cumulative preferred stock. Lane Corporation completed the following transactions during its first two years of operation:

2011
Jan. 2 Issued 12,450 shares of $6 par common stock for $8 per share.
15 Issued 1,900 shares of $75 par preferred stock for $85 per share.
Feb. 14 Issued 16,600 shares of $6 par common stock for $10 per share.
Dec. 31 During the year, earned $315,000 of cash revenues and paid $242,500 of cash operating expenses.
31 Declared the cash dividend on outstanding shares of preferred stock for 2011. The dividend will be paid on January 31 to stockholders of record on January 15, 2012.
31 Closed revenue, expense, and dividend accounts to the retained earnings account.

2012
Jan. 31 Paid the cash dividend declared on December 31, 2011.
Mar. 1 Issued 2,850 shares of $75 par preferred stock for $95 per share.
June 1 Purchased 600 shares of common stock as treasury stock at $12 per share.
Dec. 31 During the year, earned $254,000 of cash revenues and paid $176,300 of cash operating expenses.
31 Declared the dividend on the preferred stock and a $.25 per share dividend on the common stock.
31 Closed revenue, expense, and dividend accounts to the retained earnings account.

For my journal entry on December 31st 2012 how much would i debit dividends and credit dividends payable?