Sweet Acacia Limited has the following information available regarding its share capital at December 31, 2023:

Preferred shares, $3.50 cumulative, 17,200 shares issued $860000

Preferred shares, $4.50 noncumulative, 8,600 shares issued $430,000

Common shares, 258,000 shares issued $1,290,000

The shares were issued when the corporation began operations on January 1, 2022. No dividends were declared during 2022 and 2023. On October 27, 2024, the board of directors declares the dividends are payable on December 1, 2024, to the shareholders of record on November 16, 2024.

How much will be paid to each class of shares?

Cumulative preferred shares $180600

Noncumulative preferred shares $38700

common shares $129000

Prepare journal entries on the appropriate dates for the 2024 dividends. (Credit occount titles are outomaticoily indented when the omount is presented in the problem. List all deblt entries before credit entries)