Exercise #4 Opel corp. displayed the following Equity section On 31" of December 2019. Contributed Capital. Preferred shares, 4$, Cumulative , 38,000 shares authorized and Issued. 1,700,000 Preferred shares, 5$, Non-Cumulative, 10,000 shares authorized and Issued. 380,000 Common shares, 350,000 authorized and Issued. 2,100,000 Total Contributed Capital 4,180,000 Retained Earnings 720,000 Total Equity 4,900,000 No Dividends were declared in 2018-2019 In 2020 Cash Dividend 600,000$ were declared and paid. Questions: * Calculate the amount of Cash dividend distributed to each of the 3 classes of shares in 2020. Journalize only the net entry for the payment of Dividends 9pts b. Assuming profit earned during 2020 was 124,000$. Determine the Balance of Retained Earnings on December 31" 2020. 9pts