The shareholders' equity of Tirana Ltd. at July 31, 2020 is presented below: Common shares, no par value, authorized 400,000 shares, issued and outstanding 200,000 shares. $ 4,160,000 Retained earnings.... 2.650,000 Total shareholders' equity.. $ 6.810.00 On August 1, 2020, the board of directors declared a $50,000 cash dividend, to be distributed on December 15.12020, for the record at the end of Oct 10, 2020. Required . Prepare the journal entries if required, to record this transaction Assuming there is no other transaction Tirana made during 2020, Re-prepare the shareholders equity after the payment of dividends