Problem 4 (Allocation of Cash Dividends to Preference and Ordinary Shareholders) The Company has the same capital structure (except for retained earnings) for the past five year, see details below: 6% Preference Share Capital, 80,000 shares issued and outstanding, P 50 par P4,000,000 Ordinary Share Capital, 200,000 shares issued and outstanding, P 30 par 6,000,000 Retained Earnings 5,000,000 No dividends were paid prior to 2020 for two years. On December 10, 2020, the Company declared P1,500,000 as cash dividends to shareholders of record of December 21, 2020, payable on January 5, 2021. Requirements: 1. Prepare all the necessary joumal entries to record the dividend transactions. 2. Allocate the dividends between ordinary shareholders and preference shareholders if: Requirements: 1. Prepare all the necessary journal entries to record the dividend transactions, 2. Allocate the dividends between ordinary shareholders and preference shareholders if: Case A. Preference share capital is NON-CUMULATIVE and NON-PARTICIPATING Case B. Preference share capital is CUMULATIVE and NON-PARTICIPATING Case C. Preference share capital is NON-CUMULATIVE and FULLY PARTICIPATING Case D. Preference share capital is NON-CUMULATIVE and PARTICIPATING UP TO ADDITIONAL 5% 3. Assuming the dividend declared is P 1,000,000 what will be the allocation of dividends if in case the preference share is CUMULATIVE and FULLY PARTICIPATING