Kis Corp. declared $35,000 in dividends in 2014. Share capital consists of 1,100 common shares and 3,700, $2 cumulative preferred shares. The last time dividends were paid on the preferred shares was Dec 1, 2011. Instructions b) a) Determine the amount of dividends to be paid on on the preferred shares and common shares. Prepare all necessary journal entries related to the dividends assuming paid on the 1st of December 1, 2014