QUESTION 3 Glow Inc.'s equity section on the December 31, 2019, balance sheet showed the following information: Preferred shares, $1;50,000 shares authorized: 20,000 shares issued and outstanding, Common shares, 250,000 shares authorized; 120,000 shares issued and outstanding 31 During the year 2020, the company had the following transactions affecting equity accounts: Jan. 3 Sold 10,000 common shares at $3.00 each; cash Mar. 1 Sold 5,000 preferred shares at $10.00 each; cash. Dec. The board of directors have declared dividends of $500,000 The board of directors had not declared dividends for the last year (2019) Required: a. Journalize the above transactions for 2020 as if the preferred shares have cumulative dividends b. Journalize the above transactions for 2020 as if the preferred shares have non cumulative dividends For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIY Paragraph Arial 10pt