CoronadoLimited has the following information available regarding its share capital at December 31, 2020:

Preferred shares, $3.50 cumulative,18,400shares issued

$920,000Preferred shares, $4.50 noncumulative,14,700shares issued

735,000Common shares,300,000shares issued

1,500,000

The shares were issued when the corporation began operations on January 1, 2019. No dividends were declared during 2019 and 2020. On October 30, 2021, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2021, to the shareholders of record on November 16, 2021.

How much will be paid to each class of shares?

Cumulative preferred shares$

enter a dollar amount

Noncumulative preferred shares

$

enter a dollar amount

Common shares

$

enter a dollar amount

eTextbook and Media

List of Accounts

Prepare journal entries on the appropriate dates for the 2021 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 account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

Oct. 30

enter an account title to record declaration of dividend on October 30

enter a debit amount

enter a credit amount

enter an account title to record declaration of dividend on October 30

enter a debit amount

enter a credit amount

enter an account title to record declaration of dividend on October 30

enter a debit amount

enter a credit amount

(To record declaration of dividend.)choose a transaction date

Oct. 30Nov. 16Dec. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Oct. 30Nov. 16Dec. 1

enter an account title to record payment of dividend

enter a debit amount

enter a credit amount

enter an account title to record payment of dividend

enter a debit amount

enter a credit amount

(To record payment of dividend.)

eTextbook and Media

List of Accounts

Assume instead that the maximum cash dividend the company can pay in 2021 is $168,200.

Determine how much will be paid to the preferred shareholders and to the common shareholders.

Dividends paid to the preferred shareholders$

enter a dollar amount

Dividends paid to the common shareholders$

enter a dollar amount