Buffalo Limited has the following information avaliable regarding its share capital at December 31, 2023: 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 50.50 dividend for each of the common shares. The dividends are payable on December 1,2024 , to the shareholders of record on November 16,2024. Your answer is correct. How much will be paid to each class of shares? Cumulative preferred shares Noncumulative preferred shares Common shares $ Your answer is partially correct. 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 occount titles and enter o for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Assume instead that the maximum cash dividend the company can pay in 2024 is $208,000. Determine how much will be paid to the preferred shareholders and to the common shareholders. (Do not leave any answer field blank. Enter 0 for amounts.) Dividends paid to the preferred shareholders Dividends paid to the common shareholders