Burlington Clothes was incorporated on October $1,2021.$ The articles of incorporation indicated the company was authorized to issue $600,000$ shares of no$-$par value common shares and $200,000,$ $$2$ preferred shares that are cumulative and participating in distributions more than $5\%$ of a dividend rate on the common shares. The companys year$-$end is September $30.$ The following information relates to the companys shareholders equity account.

For shares with no par value $($which means most shares in Canada$),$ the assigned value is equal to the average per$-$share amount in the account for that class of shares at the transaction date.

$1.80,000$ common shares issued for cash on October $1,2021,$ at $$60$ per share.

$2.20,000$ $$2$ preferred shares were issued on October $1,2021,$ at $$80$ per share.

$3.10,000$ common shares exchanged on Dec $15,2021,$ for land in the downtown core. The land had originally cost the seller $$300,000$ and had an estimated fair value of $$550,000$ on Dec $15,2021,$ when Burlingtons share was selling for $$58.$

$4.10,000$ common shares issued on June $1,2022$; the shares had been subscribed for $$55$ per share on October $31,2021.$

$5.$ October $1,2023$: subscriptions were received for $8,000$ common shares at $$60$ per share. The first installment of $$200,000$ was received on this date and the final installment was paid on September $30,2024.$

$6.$ November $1,2023$: the company purchased $4,000$ of its common shares at $$58$ per share and restored these shares to the status of authorized but unissued. $($average$.$ divide total price$/$ amount of current shares $)$

$7.$ December $1,2023$: the company declared a $5\%$ stock dividend for shareholders of record on January $1,2024.$ The company was short on cash and therefore could not pay a cash dividend. The companys shares were selling at $$57$ per share on December $1,2023.$

$8.$ March $15,2024$: the company sold $10,000$ common shares for $$450,000.$

$9.$ Dividends:

Burlington did not declare any dividends until September $30,2023.$ At that date total dividends of $$500,000$ were declared and paid.

$10.$ The company incurred the following profits $($loss$)$ since incorporation:

$2022(25,000)$

$2023675,000$

$2024400,000$

Required:

a$)$ Determine the number of dividends received by preferred and common shareholders from the September $30,2023,$ declaration.

b$)$ Prepare the journal entries for $2023-24$ fiscal year $($October $1,2023$ September $30,2024).$ Hint: Journal entries before October $1,2024,$ are not required; however, you will still need to calculate required account balances $/$ totals using earlier information. You must show your work use excel.

c$)$ Prepare the statement of changes in equity and the shareholders equity section of the balance sheet for September $30,2024.$