Nowell Incorporated had the following stock issued and outstanding at 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 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? b. Prepare the journal entries required for these transactions. Complete this question by entering your answers in the tabs below. What amount of dividends will be paid to the preferred shareholders versus the common shareholders? Complete this question by entering your answers in the tabs below. Prepare the journal entries required for these transactions. (If no entry is required for a transaction/event, select "No fournal entry required" in the first account field.) i. Record the declaration of dividends. 2 Record the dividends payable to the shareholders on record. 3 Record the payment of dividends