Part A Pink Corporation had the following shares outstanding when the board of directors declared a $103,000 cash dividend: Preferred cumulative, 5,000, $5 issued and outstanding Common Shares, 50,000 shares issued and outstanding Total $250,000 500,000 $750,000 1. Allocate the dividend between the preferred and common shareholders assuming the preferred shares are cumulative and are one year in arrears. 2. Calculate the dividends per share to each class (no Journal Entries required) Part B Fun Corporation originally issued its common shares at $35 per share. 1. Prepare a journal entry to record the purchase and retirement of 500 shares if Fun Corporation paid $30 per share. The company has a Retained Earnings balance of $50,000. 2. Prepare a journal entry to record the purchase and retirement of 500 shares if Fun Corporation paid $40 per share. The company has a zero balance in its Contributed Capital from Retirement of Common Shares account