The shareholders' equity of Deer Ltd. at the end of 2020 and 2019 appeared as follows: 2020 2019 $244,800 $244,800 Share capital, preferred shares. $2 cumulative, 2,000,000 shares authorized, 27.200 shares issued Share capital, 5,000,000 common shares authorized, 1.210,000 common shares issued (2019-1,020,000 shares) 5,030,000 4,080,000 3,787,000 3,028,000 Retained earnings Total shareholders' equity $9,061,800 $7.352,800 N During 2020, Deer paid a total of $136,700 in cash dividends. Assume the preferred shares were not in arrears at December 31, 2019. How was the $136,700 in cash dividends distributed between the two types of shares in 2020? Preferred Common Total 2020 $ 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 $136,700 in cash dividends distributed between the two classes of shares? Preferred Common Total 2019 arrears 2020 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)