Trout Corporation had some transactions throughout the 2020 year which impacted shareholder's equity: Trout Corporation owns shares of Pickerel Company which are accounted for using the fair value through net income method. On October 18, 2020, Trout declared a property dividend that resulted in Pickerel's securities being distributed on November 15, 2020 to the shareholders of record on November 5, 2020. Other information pertaining to the investment in Pickerel Company follows: 1. Carrying value of investment on October 18, 2020 Fair value of investment on October 18, 2020 Fair value of investment on November 15, 2020 448,735 444,290 422,076 Trout Corporation had the following balances in its equity accounts on December 1, 2020: $2 Preferred shares, cumulative and fully participating 2. 976,000 Common shares 1,980,000 1,389,637 Retained earnings Total shareholders' equity $4 4,345,637 Number of preferred shares outstanding Number of common shares outstanding 18,568 430,118 The cash dividend on the preferred shares is 1 year in arrears. On December 1, 2020, Trout declared a cash dividend in the following amount, payable on December 20, 2020 to the shareholders of record on December 12, 2020. 200,000 Required: a) Prepare all journal entries required for the changes in the value of the investment in the Pickerel shares, and for the property dividend. b) For the dividend declared on December 1, calculate the amount of the dividend that should be allocated to each class of shares. Prepare any journal entries required for the declaration and payment of the dividend.