Current Attempt in Progress

Headlands Limited has the following information available regarding its share capital at December $31,2023$:

The shares were issued when the corporation began operations on January $1,2022.$ No dividends were declared during $2022$ and

On October $27,2024,$ the board of directors declares the required preferred share dividends and a $$0\mathrm{.}50$ dividend for each of

the common shares. The dividends are payable on December $1,2024,$ to the shareholders of record on November $16,2024.$

$($a$)$

Your answer is correct.

How much will be paid to each class of shares?

Cumulative preferred shares

$

Noncumulative preferred shares

Common shares

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List of Accounts

Question Part Score

$($b$)$

Prepare journal entries on the appropriate dates for the $2024$ 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 $O$ for the amounts.

Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$