Mowat Corporation reported a net loss in 2018, its first year of operations, of $15,460; a net loss in 2019 of $12,350; and a net income of $152,700 in 2020. Mowat Corporation had outstanding throughout the three-year period the following issuances of shares: $5, cumulative preferred shares, 175 shares issued $17,500 Common shares, 5,000 shares issued $100,000 No dividends were declared in 2018 or 2019. a) What is the amount of dividends in arrears at the beginning of 2020? b) Assume that at the end of 2020, dividends of $70,025 were declared and paid. What total amount of dividends is paid to preferred shareholders and what total amount of dividends is paid to common shareholders? c) What is the dividend per share paid to the preferred and common shareholders in 2020? d) Prepare journal entries to declare and pay $70,025 dividends in 2020.