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Part B Xtreme Sports has 1,000 shares of $4.50 (dividend) cumulative and nonparticipating preferred shares and 10,000 common shares outstanding. The previous year, the company paid total dividends of $1,000. If $20,000 total dividends is to be paid in the current year: (a) What is the amount that must be paid to the preferred shareholders? (b) What is the amount that must be paid to the common shareholders? Show calculations. Preferred Dividend I Common Dividend Maxwell Corporation was authorized to issue 400,000 common shares. Journalize (without explanations) the transactions for 2020, their first year of operations: Jan. 1 16,000 of the common shares were issued for a total of $128,000 in cash. Feb. 5 6,000 of the common shares were issued for machinery which had a fair market value of $50,000. Mar. 20 3,000 of the common shares were given to the organizers of the corporation regarding their efforts. The shares were valued at a total of $25,000 May 15 Declared a $12,800 cash dividend payable to the common shareholders