2. Dividends IM Gunna Pas Co. started operating January 1, 2017 and has 1,000 shares of $5 Cumulative Preferred Shares and 5,000 Common Shares. Allocate the dividend to the categories of shareholders and prepare the journal entry on the date of declaration for each of the following years: 2017 total dividend declared $3,500 2018 total dividend declared $3,500 2019 total dividend declared $10,000 2020 total dividend declared $15,000 a) Do the calculations to allocate the dividends for the cumulative shares. Also prepare the journal entries for the dividends. b) Now, assume the above shares are non- cumulative. Do the calculations to allocate the dividends. No journal entries are required