9. Holden Ltd. has 75,000 $0.40 cumulative preferred shares that were Issued for $375,900 and 200,000 common shares issued for $720,000. Holden did not declare any dividends last year and now declared a $108,000 cash dividend, A] Determine the amount distributed to each class of shareholders. B) Repeat assuming non-cumulative. 10. Heinfell Inc. reported sales of $850,000, cost of goods sold of $510,000, and other expenses totalled $180,000. If the tax rate is 26%, how much is the income tax expense for the year? What entry is needed if $40,000 of tax installments had been paid? Account Debit Credit