Declared a cash dividend on the %4 $102 par preferred stock (1,050 shares outstanding) Declared a $0.55 per share dividend on the 95,000 shares of common stock outstanding

Debit Retained Earnings for the total amount
Credit Dividends Payable for the amount

To calculate the amounts:
Preferred Dividends = Dollar amount of Peferred stock par value * the percentage rate * number of preferred shares outstanding

Common Dividends = Price of dividend per share * number of common shares outstanding

To get the total amount of dividends payable just add your preferred dividends and your common dividends together.