Can you please explain the solution to the question:

a) Total preferred dividends should be $495,000

Total common dividends should be $300,000

Total dividends for 2020 should be $795,000

Question 9 [15 points] Cola Company's year-end is March 31, 2020. At that time the ledger showed the following balances: Preferred shares, $5 cumulative, participating, 300,000 shares authorized, 25,000 shares issued* $1.200,000 Common shares, 300,000 shares authorized, 50,000 shares issued 2,000,000 Contributed surplus ( from previous cancellations of common shares) 1,500,000 Retained earnings 2,450,500 *The preferred shares participate in distributions when the common shares receive in excess of a $2 dividend per share. Answer the following independent questions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). a) Calculate the amount of cash required to pay a cash dividend of $6 to the common shareholders, if dividends have not been paid in 2018 or 2019. Please make sure your final answer(s) are accurate to the nearest whole number. Preferred Common Total Total dividends for 2020 $425,000 $300,000 $725,000 Marking: The total preferred dividends should be $495,000, but you have not entered this. This will cost you 1 mark. The total dividends should be $795,000, however the amount you entered was consistent with your earlier entries so you will not lose any marks Preferred Common Total Dividends in arrears $250,000 $250,000 Current year dividend 125,000 $100,000 225,000 Participating dividend 120,000 200,000 320,000 Total $495,000 $300,000 $795,000