Part A Holly's Dollies Inc.'s charter authorizes the company to issue up to 100,000 common shares. As of January 1, 2020, Holly's shareholders equity section of the balance sheet reported the following: Common shares (outstanding: 30,000 shares) $360,000 During 2020, the following transactions related to shareholders' equity occurred in the order given: Feb 14: Reacquired and cancelled 5,000 common shares at $10 cash per share from shareholders. Apr 2: Declared and paid a 10% stock dividend when the market price per share was $13 per share. May 15: Declared a cash dividend of $5 per share to all shareholders of record on May 31. The dividend is payable June 15. June 15: Paid the dividend from May 15. There was no contributed surplus balance at the beginning of the year, Required: Provide the journal entries to record the above transactions, using the table below to record your answers. NOTE: USE FULL, PROPER ACCOUNT NAMES AS USED IN CLASS AND IN THE TEXTBOOK - NO ABRREVIATIONS. ENTER DOLLAR AMOUNTS IN WHOLE DOLLARS ONLY: NO COMMAS, NO DOLLAR SIGN, NO DECIMALS. Date Account Name(s) Debit Credit Feb 14 Apr 2 May 15 Jun 15 Part 3 Hugs 'n Mugs Corporation had the following share capital at the beginning of their 2020 fiscal year: . Common shares (outstanding, 22,000 shares) $220,000 Preferred shares (5% dividend: outstanding 5,000 shares) $50,000 At the 2020 fiscal year-end, the board of directors decided to declare a total dividend $10,000. No dividends were declared in 2019 or 2018 Determine the breakdown in total dividends distributed between preferred shareholders and common shareholders, assuming 1) the preferred shares are non-cumulative 2) the preferred shares are cumulative. Record your answers in this table (ENTER WHOLE NUMBERS ONLY WITH NO DOLLAR SIGN, NO DECIMALS AND NO SPECIAL CHARACTERS): Preferred Shareholders' Share Common Shareholders' Share Scenario 1): Scenario 2)