The following share capital information is available for a corporation with an April 30, 2022 year-end: The shares were issued when the corporation began operations on May 1, 2015. No dividends were declared during the fiscal years ended 2020 and 2021. On February 28, 2022, the board of directors declared the required preferred share dividends and a $0.55 dividend for each of the common shares. The dividends are payable on April 1, 2022, to the shareholders of record on March 15, 2022. Preferred shares, $2.25 cumulative, 40,000 shares issued $1,000,000 Preferred shares, $4.25 noncumulative, 11,000 shares issued 600,000 Common shares, 160,000 shares issued 800,000 How much will be paid to each class of shares? Year Cumulative Preferred 2020 $ 2021 $ 2022 $ Non-cumulative Preferred Common Prepare journal entries on the appropriate dates for the 2022 dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Feb. 28, 2022 April 1, 2022 Debit Credit Assume instead that the maximum cash dividend the company can pay is $384,750. Determine how much will be paid to the preferred shareholders and to the common shareholders. Year 2022 $ Cumulative Preferred Non-cumulative Preferred $ Common