Please answer and explain part b

Coronado Corporation has 11,900 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) Your answer is correct. If the preference shares are cumulative and dividends were last paid on the preference shares on December 31, 2017, what are the dividends in arrears that should be reported on the December 31, 2020, statement of financial position? Cumulative dividend $ 40 214200 (b) If the preference shares are convertible into 8 shares of $10 par value ordinary shares and 3,570 shares are converted, what entry is required for the conversion, assuming the preference shares were issued at par value? (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 for the amounts.) Account Titles and Explanation Debit Credit Share Capital-Preference Share Premium-Ordinary Share Premium-Preference Cash Share Capital-Ordinary Share Premium-Treasury Texthonk and Media