QUESTION 5 (16 minutes; 9 marks): Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2020. Each preferred share is convertible into four common shares. During the years 2020 and 2021, the following transactions affected Queenstown Corporation's shareholders' equity accounts: 2020 Dec. 10 Declared and paid $12,000 of annual dividends to preferred shareholders. 2021 Dec. 10 Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders. Dec. 21 The preferred shares were converted into common shares. Required: a) Journalize each of the 2020 and 2021 transactions. b) After the preferred shares are converted, what is the total number of common shares issued