Instructions a) Assume the board of directors declares dividends totaling $1,500,000 to the shareholders. The preferred shares are cumulative, and no dividends were declared after 2022. Calculate the amount per share each class of shares will receive. Round to two decimal places. b) Assume the board of directors authorizes a 2-for-1 split on the common shares. Calculate the number of shares outstanding after the split and the average per share amount for both classes of shares. Round to two decimal places. c) Assume the board of directors authorizes a 10% stock dividend on the cornmon shares after the stock split. The current selling price of the common shares is $11. Prepare the journal entry to record the declaration and then another journal entry to record the distribution of the stock dividend