Need answer for (b)

The following share capital information is available for a corporation with an April 30, 2018 year-end: The shares were issued when the corporation began operations on May 1, 2015. No dividends were declared during the fiscal years ended 2016 and 2017. On February 28, 2018, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on April 1, 2018, to the shareholders of record on March 15, 2018. Preferred shares, $2.25 cumulative, 40,000 shares issued Preferred shares, $3.50 noncumulative, 10,000 shares issued Common shares, 250,000 shares issued 1,000,000 600,000 750,000 (a) ZYour answer has been saved and sent for grading. See Gradebook for score details. How much will be paid to each class of shares? Year Cumulative Preferred Non-cumulative Preferred Common 2016 90000 0 0 2017 90000 0 $ $ 0 2018 90000 35000 $ 125000 $ Attempts: 1 of 1 used (b) Prepare journal entries on the appropriate dates for the 2018 dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 28, 2018 April 1, 2018