I need help with the following

Cash Dividends The Stockholders' Equity section of Jackson Company's balance sheet as of January 1, 2017, appeared as follows: Preferred stock, $100 par, 8%, 2,000 shares issued and outstanding $200,000 Common stock, $10 par, 5,000 shares issued 50,000 and outstanding Additional paid-in capital 300,000 Total contributed capital $550,000 Retained earnings 400,000 Total stockholders' equity $950,000 The notes that accompany the financial statements indicate that Jackson has not paid dividends for the two years prior to 2017. On July 1, 2017, Jackson declares a dividend of $100,000 to be paid to preferred and common stockholders on August 1. Required: 1. Determine the amounts of the dividends to be allocated to preferred and common stockholders assuming that the preferred stock is noncumulative, nonparticipating stock. Amount of Dividends Preferred stock $ Common stock 2. Identify and analyze the effect of the transactions on July 1 and August 1, 2017. July 1: Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income Y Y August 1: Activity Accounts Statement(s)