Nowell Inc. had the following stock issued and outstanding at January 1, Year 1: 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, 2015.) On March 8, Year 1, 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? Distributed to Shareholders Preferred Common Total Dividend Declared Preferred Arrearage Current Preferred Dividend Available for Common Distributed to Common Total b. Prepare the journal entries required for these transactions. (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 llat View Journal entry worksheet X Debit Credit 1 Record the declaration of dividends. 2 Record the dividends payable to the shareholders on record. 3 Record the payment of dividends. 4 Record the year end adjustment for dividend, Note: - Journal entry has been entered