The shareholders' equity section of Polar Bear Diamonds at December 31, 2023, included the following:

$3 preferred shares, cumulative, 10,000 shares authorized, 9,000 shares issued $900,000

Common shares, 500,000 shares authorized, 400,000 shares issued $2,000,000

Dividends were not declared on the preferred shares in 2023 and are in arrears.

On September 15, 2024, the board of directors declared dividends on the preferred shares for 2023 and 2024, to shareholders of record on October 1, 2024, payable on October 15, 2024.

On November 1, 2024, the board of directors declared a $0.50 per share dividend on the common shares, payable November 30, 2024, to shareholders of record on November 15, 2024.

Instructions

Prepare the journal entries that should be made by Polar Bear Diamonds for 2024. If no entry is needed write "No entry required."