Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common...

Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the account on Dec. 1 that should be recorded in the Description column of the Journal item (2) as the account to be credited and the amount assuming that Sunshine Corp. declared the annual dividend on the preferred stock with 8,000 shares of the preferred stock having been issued. Sunshine Corp. is not declaring a dividend on the Common Stock