Exercise #3 Johnlee Corporation has 8,000 shares of 5%, $5 par Cumulative Preferred Stock and 47,000 shares of Common Stock outstanding. Johnlee declared no dividends in 2019 and had no dividends in arrears prior to 2019. On Dec. 1, 2020, Johnlee declares a total dividends of $ 50,000. How much of the dividends would be distributed to Preferred Stockholders and Common Stockholders, respectively? How would the declaration entry be journalized? Requirement: 1) Calculate preferred dividends and common dividends, and answer the following questions (show your calculations with excel functions), and 2) journalize the declaration entry for both preferred shareholders and common shareholders on Dec. 1, 2020.