Selected $2021$ balances of GNT Industries were made available as below.

Accumulated other comprehensive income $($loss$),$ January $1$

$($$$12,000)$

Common shares, January $1,80,000$ issued and outstanding

$$320,000$

Cost of goods sold

$$350,000$

Long$-$term debt

$$125,000$

Other comprehensive income

$$16,000$

Other operating expenses

$$339,500$

Preferred shares, January $1,52,6,000$ issued and outstanding

$$80,000$

Retained earnings, January $1$

$$206,000$

Revenues

$$1,440,000$

On March $31,2021,$ GNT declared and distributed a $3\%$ stock dividend, which resulted in the distribution of common shares with a market value of $$34,320.$ On September $30,2021,$ GNT spent $$2\mathrm{.}6$ per share to repurchase and cancel $8,500$ common shares. On December $20,2021,$ GNT declared and paid a total cash dividends of $$50,000.$ There is no dividend in arrears as at January $1,2021.$ For the year ended December $31,2021,$ GNT reported $$650,000$ net income.

Required

$1.$ Determine the balance of each shareholders equity account as at December $31.2021$ for GNT Industries. Clearly present calculations for numbers that are not given

$2.$ Determine the respective amount of cash dividends paid to preferred shares and common shares during $2021.$ Clearly present calculations for numbers that are not given