Take me to the text The shareholders' equity section of Genghis Corporation's balance sheet at January 1, 2020 was as follows. Hoth preferred shares and common shiras rave no par uakue No dividend war declared for common shareholders. However on December 15,2020 , the dicectors decided to pay dividends to preferred shareholders. The dividend payment date was December 28, 2020, income before income tax for the year was $190,000 income tax expente for the year was 538,000 . The canpany uses the retained earnines account to cecord dividends. Do not enter doilat signs or egenmas in the incut boxos. a) Coiculate the amount of dividend to be paid to preferred sharehoiders. Dividends Payable: 5 b) Prepare jourat entry for declarauon and payment of preferred dividend. b) Prepare journal entry for deciaration and payment of preferred dividend. c) Caiculate the ending balance of retained earnings for the year ended December 31, 2020. Denatuse the negatire vien