The shareholders’ equity of Deer Ltd. at the end of 2020 and 2019 appeared as follows:

		2020		2019
Share capital, preferred shares, $2 cumulative, 2,000,000 shares authorized, 22,500 shares issued		$180,000		$180,000
Share capital, 5,000,000 common shares authorized, 1,120,000 common shares issued (2019—900,000 shares)		4,700,000		3,600,000
Retained earnings		4,066,000		3,328,000
Total shareholders’ equity		$8,946,000		$7,108,000

During 2020, Deer paid a total of $129,500 in cash dividends.

Assume the preferred shares were not in arrears at December 31, 2019. How was the $129,500 in cash dividends distributed between the two types of shares in 2020?

		Preferred		Common		Total
2020		$		$		$

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List of Accounts

Assume the preferred share dividends were in arrears for one year; that is, the dividends were not paid in 2019. How was the $129,500 in cash dividends distributed between the two classes of shares?

		Preferred		Common		Total
2019 arrears		$		$		$
2020
		$		$		$

eTextbook and Media

List of Accounts

Both common shares and retained earnings changed during the year. Provide journal entries that would account for the changes. (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 0 for the amounts.)

No.	Account and explanation	Debit	Credit
1.
	(common shares issued during year)
2.
	(Dividends declared during year)
3.
	(Dividends paid during year)
4.
	(Net income for the year closed to retained earnings)
5.
	(Dividends Declared for the year closed to retained earnings)