Record the journal entry. prepare the liability angd shareholders' equity. Calculate the book values.

Shareholders' Equity Contributed capital: Preferred shares, $2.50, cumulative (2 years in arrears), liquidation price of $22, 125,000 shares authorized, 30,000 shares issued and outstanding 240,000 Common shares: Class A, 55,000 shares authorized and issued and outstanding Class B, unlimited number of shares authorized, 195,000 shares issued and outstanding Total contributed capital 141,000 1,950,000 Retained earnings 2,331,000 320,000 Total shareholders' equity $ 2,651,000 2018 Dec. 1 The company declared dividends of $250,000, payable on January 15, 2019, to the shareholders of record on December 31. Indicate the amount that would be payable to the preferred shareholders and to the 31 The company reported net income after taxes of $90,000 for the year and then closed the Income Summary common shareholders. The dividend rate for Class A and Class B shares is the same. account. 2019 Jan. 7 The company sold 16,000 preferred shares at $25.00 per share. 15 The company paid the dividend declared on December 1, 2018. Feb. 14 The company sold 15,000 Class B common shares at $12.00 per share. Dec. 2 The company declared dividends of $130,000, payable on January 15, 2020, to the shareholders of record on December 31, 2019. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders. 31 The company reported net income after taxes of $165,000 and then closed the Income Summary account. 2020 Jan. 15 Paid the dividend declared on December 2, 2019