Dividends The company has the following information about the Common Stock and Preferred Stock The Board of Directors declared a cash dividend of $.90 per common share on June 24, 2016, also the Board declared a dividend for the preferred stock shareholders. The PS shares are cumulative. Required Calculate the total dividend amount that must be paid for both common and preferred shareholders show your work. Prepare the journal entry for the date of declaration. Assume that in Year 2016 the Board of Directors did not declare a dividend. Calculate the dividend amount that will be owed to the PS shareholders when the Board declares a dividend in 2017 - show your work