Cash Dividends on Common and Preferred Shares Metzler Design Ltd. has the following information regarding its preferred and common shares:

Preferred shares, \(\$ 50\) stated value, \(10 \%\) cumulative; unlimited shares authorized; 100,000 shares issued and outstanding Common shares, no par; unlimited shares authorized; 800,000 shares issued and outstanding As of December 31, 2018, Metzler was two years in arrears on its dividends. During 2019, Metzler declared and paid dividends. As a result, the common shareholders received dividends of \(\$ 0.60\) per share.

Required:

1. What was the total amount of dividends declared and paid?

2. What journal entry was made at the date of declaration?

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