Selected 2021 balances of GNT Industries were made available as below: Accumulated other comprehensive income (loss), January 1 Common shares, January 1, 80,000 issued and outstanding ($12,000) $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, $2, 6,000 issued and outstanding Retained earnings, January 1 $80,000 $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 $2.6 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. Activat Go to Set