Total shareholders equity section of Polar Corporation at January 1, 2020 included the following: $900,000 preferred shares ($3 preferred shares, cumulative, 10,000 shares authorized, 9,000 shares issued and outstanding); $2,000,000 common shares (500 shares authorized, 400,000 shares issued and outstanding); $950,000 Retained Earnings. Dividends were not declared in 2019 and are in arrears. On November 1, 2020, the board of directors declared a $0.50 per share dividend on the common shares. All dividends would be payable on November 30, 2020, to shareholders of record on November 15, 2020. Revenue and expenses for the year 2020 were $1,200,000 and $850,000 respectively. Calculate: a) total dividends payable to all shareholders in 2020; b) retained earnings account balance on Dec 31, 2020; c) total shareholders equity account balance on Dec 31, 2020. Show all calculations. Label your answers (eg, a,b,etc).JJ