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*$1,200,000Common shares, 300,000 shares authorized,50,000 shares issued2,000,000Contributed surplus (from previouscancellations of common shares)1,500,000Retained earnings2,450,500*The preferred shares participate indistributions when the common sharesreceive in excess of a $2 dividend per share.Answer the following independent questions. Enter an appropriate description when entering thetransactions 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 accurateto the nearest whole number