Question 7 The following elements of shareholder's equity are adapted from the balance sheet of Highest Manufacturing Ltd.: Shareholder's Equity Preferred shares, $1.25 cumulative, 100,000 shares authorized, 18,000 shares issued and outstanding $150,000 Common shares, 200,000 shares authorized, 60,000 shares issued and outstanding 400,000 The company has paid all dividends through 2015 Required Compute the dividends paid to preferred shareholders and to common shareholders for 2018 and 2019 if total dividends declared are $80,000 in 2018 and $30,000 in 2019. Round your answers to nearest dollar