ACME Incorporated, a publicly traded company with a December 31 year end, had the following equity balances at December 31, 2020: Shareholders' Equity $3 Preferred Shares, cumulative, participating, 300,000 authorized & outstanding Class A Common Shares, unlimited authorized, 600,000 shares outstanding Contributed surplus - redemption of $3 preferred shares Total paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity $2,500,000 5,000,000 50,000 $7,550,000 28,500,000 875,000 $ 36,925,000 No dividends have been declared for the last three years. On December 01, 2021, the board of directors declared cash dividends of $10 million payable on December 30, 2021 to shareholders of record on December 15, 2021. Required: 1. Prepare the required journal entries for the above transactions and show calculations to support your work. (9 marks)