Question 22 3 pts Bo Pip organized Pip Transport Limited in January 2017. The corporation immediately issued at $8 per share, 100,000 of its unlimited authorized common shares. On January 2, 2018, the corporation sold at $102 the entire 5,000 authorized shares of $8, cumulative preferred shares. On January 2, 2019, the company again needed money and issued 5,000 shares of its unlimited unauthorized shares of $9, cumulative preferred shares for a total of $502,000. The company suffered losses in its first two years reporting a deficit of $170,000 at the end of 2018. During 2019 and 2020 combined, the company earned a total of $890,000. Dividends of 50 cents per share were paid on common shares in 2019 and $1.60 per share in 2020. Required: What is the combined total amount of dividends paid to both preferred shareholders and common shareholders? What is the balance in the preferred share account? What is the ending balance in retained earnings