Fox Ltd. has been incorporated for four years. The following is the equity section of the company's Balance Sheet on January 1, 2020 Contributed Capital: Preferred Shares, 57, cumulative, 50,000 authorized, 6,000 issued and outstanding $120,000 Common Shares, unlimited authorized, 43,000 issued and outstanding 430.000 Total Contributed Capital $550,000 Retained Earnings 385.000 Total Shareholders' Equity $935.000 During the year, the following equity transactions occurred: Mar. 15 Issued 5,000 common shares at $10 each for cash. Jul. 4 Paid a legal bill of $20,000 by Issuing 900 common shares. Sep. 1 Board of Directors declared a cash dividend of $130,000 to be paid to shareholders of record at September 15, and distributed on September 30. The company did not declare or pay dividends in 2019. Dec. 1 Issued 600 preferred shares for $21 each for cash. Dec. 31 Prepare a closing entry related to the cash dividend, if necessary. REQUIRED: 1. Prepare the journal entries to record the above transactions. Show all your calculations. 2. Assume instead that the preferred shares are non-cumulative. How much of the $130,000 cash dividend would be given to each class of shareholders