Headlands Limited has the following information available regarding its share capital at December $31,2023$:

Preferred shares, $$3\mathrm{.}50$ cumulative, $18,400$ shares issued

$$920,000$

Preferred shares, $$4\mathrm{.}50$ noncumulative, $9,200$ shares issued

$460,000$

Common shares, $276,000$ shares issued

$1,380,000$

The shares were issued when the corporation began operations on January $1,2022.$ No dividends were declared during $2022$ and $2023.$ On October $27,2024,$ the board of directors declares the required preferred share dividends and a $$0\mathrm{.}50$ dividend for each of the common shares. The dividends are payable on December $1,2024,$ to the shareholders of record on November $16,2024.$