Nowell Inc. had the following stock issued and outstanding as of January 1, Year 2: 1. 150,000 shares of no-par common stock. 2. 30,000 shares of $50 par, 4 percent, cumulative preferred stock. (Dividends are in arrears for one year, Year 1.) On March 8, Year 2, Nowell declared a $175,000 cash dividend to be paid March 31 to shareholders of record on March 20. Required a. What amount of dividends will be paid to the preferred shareholders versus the common shareholders? Dividends paid: Arrearage from Year 1 Dividends related to Year 2 Total Distributed to Shareholders Preferred Common b. Prepare the journal entries required for these transactions. The last entry will be to close the dividend account at the end of the year. (Be sure to include the dates of the entries.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the declaration of dividends. Note: Enter debits before credits. Date General Journal Debit Credit >