The outstanding share capital of Kuklo Corporation includes 1,000 shares of $8 preferred and 50,000 shares common. During its first two years of operation, the corporation declared ( on December 15th to be paid in 60 days) $6,000 and $50,000 respectively. Determine the total dividends paid in each year to each class of shareholders and prepare the dividend declaration journal entry for the second year assuming, the preferred shares are a) cumulative b) non-cumulative.