Pearl Limited has the following information available regarding its share capital at December 31, 2020: Preferred shares, $3.50 cumulative, 19,000 shares issued Preferred shares, $4.50 noncumulative, 13,000 shares issued Common shares, 281,000 shares issued $950,000 650,000 1,405,000 The shares were issued when the corporation began operations on January 1, 2019. No dividends were declared during 2019 and 2020. On October 30, 2021, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2021, to the shareholders of record on November 16, 2021. (a) Your answer is correct. How much will be paid to each class of shares? Cumulative preferred shares $ 199500 Noncumulative preferred shares $ 58500 Common shares $ 140500 Prepare journal entries on the appropriate dates for the 2021 dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Oct. 30 (To record declaration of dividend.) (To record payment of dividend.)