Question 1: Prepare the journal entries to record the declaration and payment of dividends to common shareholders. Assume that there were 586.1 million common shares outstanding on May 11, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.)

Question 2: Prepare the journal entries to record the declaration and payment of dividends to the holders of 6.8 million Series 10R preferred shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions, rounded to the nearest whole number.)

Sun Life Financial Inc. disclosed the following information in a press release: Sun Life Declares Dividends on Common and Preferred Shares Payable in Q2 2022 TORONTO, May 11, 2022/CNW/-The Board of Directors (the "Board") of Sun Life Financial Inc. (the "Company") (TSX: SLF) (NYSE: SLF) today announced that a dividend of $0.69 per share on the common shares of the Company has been declared, payable June 30 , 2022 to shareholders of record at the close of business on June 1, 2022. This reflects an increase of 3 cents per share from the amount paid in the previous quarter. The Board also announced that the following dividends have been declared on the Company's Class A Non-Cumulative Preferred Shares, payable on June 30, 2022 to shareholders of record at the close of business on June 1, 2022: Source: Sun Life Financial Inc., News Releases