Shareholders' equity Requirements 1. Assuming that the preference shares are cumulative, calculate the amount of dividends to the preference shareholders and to the ordinary shareholders for 2015 and 2016 if total dividends are $15640 in 2015 and $53000 in 2016 . 2. Record the journal entries for 2015 , assuming that Newcastle Communications declared the dividend on 1 December for shareholders of record on 10 December. Newcastle Communications paid the dividend on 20 December