Part A Lee's Teas Inc.'s charter authorizes the company to issue up to 1,000,000 common shares. As of January 1, 2020, Lee's Teas Inc.'s shareholders' equity section of the balance sheet reported the following Common shares (outstanding: 300,000 shares) $5,400,000 During 2020, the following transactions related to shareholders' equity occurred, in the order given: Mar 3: Declared a cash dividend of $1.25 per share to all shareholders of record on March 15. The dividend is payable on March 31. Mar 31: Paid the dividend from March 3.1 May 24: Reacquired and canceled 20,000 common shares at $18 cash per share from shareholders. Oct 11: Declared and paid a 5% stock dividend when the market price per share was $20 per share. 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 ABBREVIATIONS. ENTER DOLLAR AMOUNTS IN WHOLE DOLLARS ONLY: NO COMMAS, NO DOLLAR SIGN, NO DERMALS. Date Mar 3 Account Name(s) Mar 31 May 24 Oct 11 Debit Credit Part B Scowls & Towels Corporation had the following share capital at the beginning of their 2020 fiscal year: Common shares (outstanding, 44,000 shares) $99,000 Preferred shares (7 % dividend; outstanding, 21,000 shares) $21,000 At the 2020 fiscal year-end, the board of directors decided to declare a total dividend of $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 ii) the preferred shares are cumulative (assume the dividends were not in arrears at the beginning of 2018). Record your answers in this table. ENTER ONLY WHOLE NUMBERS NO DECIMALS, NO DOLLAR SIGNS, NO SPECIAL CHARACTERS. Total Paid to Preferred Shareholders Total Paid to Common Shareholders Scenario i): Scenario ii)