The outstanding capital stock of Robbins Corporation consistedof 3,000 shares of 10 percent preferred stock, $250 par value, and30,000 shares of no-par common stock with a stated value of $250.The preferred was issued at $412, the common at $480 per share.

On 2005 January 1, the retained earnings of the company were USD250,000. During the succeeding five years, net income was asfollows:

2005 $767,500

2006 510,000

2007 48,000

2008 160,000

2009 662,500

No dividends were in arrears as of 2005 January 1, and duringthe five years 2005-2009, the board of directors declared dividendsin each year equal to net income of the year.

Provide the journal entries for each year showing the dividendsdeclared on each class of stock assuming the preferred stock isnoncumulative: