** Norma 131 RE 97 AP-GA 98 On November 1, 2020, Mistry Inc declared $850,000 of cash dividends to shareholders on record on December 99 15, 2020. Cash is paid to the shareholders on anary 15, 2021. Outstanding are 220,000 common shares worth 200 52.000.000 and 30.000, S4 cumulative preferred shares worth $3,000,000. No new shares were issued during the 101 and dividends were last declared in 2016. Mistry had retained earnings of 54,500,000 at the beginning of 2020 102 and earned a net income of $1,200,000 during the year 100 104 LOS a Calculate how much Mistry Inc. owes the preferred shareholders 08 107 number of years preferred shares owed 100 Number of preferred shares 20.000 Dividend per preferred share 4.00 Total Preferred Dividends owed 40,000 512 write the journal entries to record the declaration and subsequent payout of the divided Mistry uses the 113 cash dividendis account to record dividends Account Debit Credit