Bonita Limited has the following information available regarding its share capital at December 31, 2023:

Preferred shares, $3.50 cumulative, 22,000 shares issued		$1,100,000
Preferred shares, $4.50 noncumulative, 11,000 shares issued		550,000
Common shares, 330,000 shares issued		1,650,000

(answer option a and b) The shares were issued when the corporation began operations on January 1, 2022. No dividends were declared during 2022 and 2023. On October 27, 2024, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2024, to the shareholders of record on November 16, 2024.

(a) How much will be paid to each class of shares?

Cumulative preferred shares
Noncumulative preferred shares
Common shares

(b) Prepare journal entries on the appropriate dates for the 2024 dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)