On November 30, 2016, Div-Corp declared a total dividend of $4,100,000 to preferred and common shareholders. The dividend is to be paid on January 15, 2017 to shareholders of record on December 15, 2016.

On November 30, 2016 there were 200,000 Preferred shares outstanding which carry a $5 dividend per share. The preferred shares are cumulative, participating and non-voting. Prior to the dividend declaration the preferred share dividend was 2 years in arrears. The paid-in value of the preferred shares was $20,000,000 and the paid in value on 900,000 common shares outstanding was $36,000,000.

Required: Prepare journal entries for ALL events described above (round to the nearest dollar).