Oko Security Inc. reports the following shareholders' equity on its balance sheet at December 31, 2022 Shareholders' Equity: Preferred Shares: Authorized 500,000 shares in each class: $7 Cumulative Preferred Shares, 10,000 shares issued $3.50 Cumulative Preferred Shares, 25,000 shares issued Common Shares: Authorized 100,000 shares, issued 50,000 shares Retained earnings Total Shareholders' Equity Required: $ 50,000 $ 75,000 $ 50,000 $ 894,400 $1,069,400 1 What was the value at which the $7 Cumulative Preferred Shares were issued? 2 If Oko Security was in arrears for any one year, what amount of dividends would be in arrears for that period? 3 Assume preferred dividends are in arrears for 2021. Record the journal entry for the declaration of a $346,000 cash dividend for on Dec 31/22, no description is needed.