Every entry should have narration please

Please use commas and dollar sign in each figures

12. Simpson & Co. Inc. has 1,000, $5 cumulative preferred shares outstanding. Dividends were not paid last year. The corporation also has 5,000 common shares X outstanding. Simpson declared a $14,000 cash dividend to be paid in the current year. Instructions a. Calculate the dividends received by the preferred and common shareholders. b. If the preferred shares were non-cumulative, how would your answer to part (a) change? Instructions c. Prepare journal entries for the 2020 transactions, including closing entries. d. Prepare the shareholders' equity section of the statement of financial position at: i. January 31, 2020 ii. February 29, 2020 iii. December 31, 2020