Masters Inc. Partial Balance Sheet December 31, 2015 Shareholders' Equity Contributed Capital: Preferred shares. $0.80,100,000 shares authorized, 25.000 shares issued Common shares, unlimited number of shares authorized 100,000 shares issued Total contributed capital Retained earnings Total shareholders' equity $ 100,000 350.000 450,000 170,000 $620.000 (A) Refer to the above. Assume that the preferred shares are cumulative and that there have been no dividends declared in 2012. 2013 and 2014. Prepare the journal entry to record the declaration and payment of a dividend in the total amount of 575.000,on December 3, 2015. Use separate dividends payable accounts for preferred and common shares. (B) Refer to the above. Assume that the preferred shares are non-cundulative and that there have been no dividends declared in 2012. 2013 and 2014. Prepare the journal entry to record the declaration and payment of a dividend in the total amount of $75,000.00 December 3, 2015. Use separate dividends payable accounts for preferred and common shares