Fetzer Company declared a $0. Ultimate Sportswear has $180,000 of 7% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $580,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $38,000. This dividend should be distributed as follows:45 per share cash dividend. The company has 440,000 shares authorized, 418,000 shares issued, and 17,600 shares in treasury stock. The journal entry to record the payment of the dividend is: