Company facts On March 1, 2020, Giant Donut Company (GDC) has 2,000 shares of preferred stock outstanding (8%, $100 par value) and 600,000 shares of common stock outstanding ($1 par value). The preferred stock is cumulative and no dividends have been paid for the past 3 years. On that date, GDC declares a $0.5 per share dividends to the common stockholders. GDC also declares dividends to the preferred shareholders. Requirements [You must show your work/steps of how you arrive at your answers] Question 1: Prepare the journal entries for these transactions.