b. Calculate the average issue price per preferred share. QS 13-11 Accounting for cash dividends LO" Prepare journal entries to record the following transactions for Desmond Corporation: Apr. 15 Declared a $48,000 cash dividend payable to common shareholders. June 30 Paid the dividend declared on April 15. Dec. 31 Closed the Cash Dividends account. QS 13-12 Dividend allocation between classes of shareholders LO The equity section of the Holden Ltd. balance sheet includes 75,000 shares of $0.40 cumulative preferred shares that had been issued for $375,000 and 200,000 common shares issued for a total of $720,000. Holden did not declare any dividends during the prior year and now declares and pays a $108,000 cash dividend. a Determine the amount distributed to each class of shareholders. b. Repeat the calculations assuming the preferred shares were non-cumulative