Cash Dividend - Exercise #2 Sunset Corporation has the following account balances on January 1, 2019: Preferred Shares $5 non-cumulative, non-voting (10,000 ssued + $ 250,000 Common shares, unlimited number authorized, no par value, voting shares, 150,000 issued $1,500,000 Retained Eamings $ 375,000 ASE The following take place during 2019: Jan 5 issue 1,000 common shares for cash at $11,000 Mar 1 - a $0.50 / share cash dividend is declared on common shares Mar 15 - date of record of common shares Mar 31 - date of payment of common shares Dec 31 - Net income of $275,000 Q1) Based on the above scenario, how much dividends were paid to preferred and common shareholders? Q2) What is Dec 31, 2019 balance of Retained Earnings? Q3) What is Dec 31, 2019 balance in amount and unit of common shares? Q4) If the preferred shares were cumulative and no dividends were declared in 2018, what is Dec 2019 balance of Retained Earnings