Buffalo Limited has the following information available regarding its share capital at December 31, 2020: Preferred shares. $3.50 cumulative, 18.100 shares issued Preferred shares. $4.50 noncumulative, 11.200 shares issued Common shares, 317,000 shares issued $905.000 560,000 1,585,000 The shares were issued when the corporation began operations on January 1, 2019. No dividends were declared during 2019 and 2020. On October 30, 2021. 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 1.2021. to the shareholders of record on November 16, 2021 How much will be paid to each class of shares? Cumulative preferred shares $ Noncumulative preferred shares $ Common shares $ Prepare journal entries on the appropriate dates for the 2021 dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. In entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Show Time Date Account Titles and Explanation Debit Credit Oct. 30 ad declaration of dividend) (To record payment of dividend) List of Accounts Assume instead that the maximum cash dividend the company can pay in 2021 is $174,050. Determine how much will be paid to the preferred shareholders and to the common shareholders. Dividends paid to the preferred shareholders $ Dividends paid to the common shareholders $ List of Accounts