Sage Hill Merchandising Inc. had the following share capi $2.50 cumulative preferred shares, convertible into common shares at a ratio of 4 common shares for 1 preferred share, unlimited number of shares authorized, 110,000 shares issued $1,793,000 Common shares, unlimited number of shares authorized, 850,000 shares issued 3,060,000 The following transactions relating to shares occurred in 2021 and 2022. Mar 31, 2021 Sage Hill declared total annual dividends of $730,000 for shareholders of record on April 1, 2021. There were no dividend arrears at January 1, 2021. April 30, 2021 Sage Hill paid the dividends owing. July 10, 2021 Shareholders converted 25,000 preferred shares into common shares. The fair value per preferred share was $17.50; per common share, $5.00. Feb. 20, 2022 Sage Hill declared an annual dividend of $680,000 to shareholders of record on March 1, 2022. Mar. 5, 2022 Sage Hill paid $380,000 of the dividends owing. July 15, 2022 Shareholders converted 50,000 preferred shares into 200,000 common shares. The fair value per preferred share was $16.60; per common share, $5.50. Your answer is correct. anuary 1, 2021. (Round answers to 2 decimal places, e.g. 52.75.)Your answer is partially correct. Prepare a schedule to show the balance in the dividend payable account on July 31, 2022. Preferred Common Total Feb. 20 Declared dividend 212500 467500 680000 Mar. 5 Paid dividend the 212500 65500 X 278000 X Ending balance 402000 402000Your answer is partially correct. Show the dollar amount of the share capital accounts of Sage Hill's balance sheet as at July 31, 2022. SAGE HILL MERCHANDISING INC. Balance Sheet (Partial) July 31, 2022 Share Capital X Common Shares 1837500 Preferred Shares 570500 x 2408000