1. Shares and Dividends: 1. At December 31, 2020, Fraser Construction Inc. reported the shareholders' equity accounts shown here: Common shares, 280,000 shares issued and outstanding $460,000 Retained earnings 252,000 Total shareholders' equity $712,000 Fraser has a net income of $158,000 for 2021. Fraser has the following share-related transactions in 2021. Write "No entry" on ALL the boxes if no entry is needed on that date. March 1, 2021 Issuance of 80,000 common shares for $2 per share December 1, 2021 Declaration of cash dividends of $60,000 December 15, 2021 Record date December 31, 2021 Payment of cash dividends declared Journalize Fraser's transactions (omit explanations) Date Accounts Debit Credit Mar 1 Dec 1 Dec 15 Dec 31 Dec 15 Dec 31 2. What's the balance of the retained earnings as of December 31, 2021? 3. What's the balance of the common shares as of December 31, 2021? 4. A corporation has 50,000, $8 cumulative preferred shares and 800,000 numbers of common shares. On April 15, 2021, the corporation declared $1,652,000 dividends. Assume that dividends were not declared in 2020. What are the dividends allocated to preferred and common shareholders respectively for 2021? Preferred shareholders: Common shareholders