Please solve the problem.

Dividends were not paid last year. The corporation also has 5,000 common shares outstanding. Simpson declared a $14,000 cash dividend to be paid in the current Simpson & Co. Inc. has 1,000, $5 cumulative preferred shares outstanding, year. Instructions b. If the preferred shares were non-cumulative, how would your answer to part Di Calculate the dividends received by the preferred and common shareholders. (a) change? Instructions c. Prepare journal entries for the 2020 transactions, including closing entries. d. Prepare the shareholders' equity section of the statement of financial position at: i. January 31, 2020 . February 29, 2020 iii. December 31, 2020