On November 1, 2019 Regent Corporation had 25,000 outstanding $3 cumulative preferred shares. The preferred share received their last dividend in December of 2015. It was a $1 dividend. The corporation also has 250,000 common outstanding. It decided to declare a dividend of $1.25 per common share. The date of record is November 23 and date of payment is December 10. (Assume they use approach 2 setting up a Temporary Account for Dividends) Step 1 Calculate dividend owed to Preferred Shares (12 M) Year Dividend Per Share owed Number of Shares Total dividends in $ 2015 25000 2016 25000 2017 25000 2018 2019 Total 25000 25000 25000 Step 2 Calculate dividend owed to Common Shares (2 M) Year Dividend Per Share owed Number of Shares Total dividends in $ 2019 250000