Question 1 (10 marks) The following information has been presented about Victoria Gin Co. at December 31, 2020: Retained earnings, January 1, 2020 Common shares Preferred shares Preferred share dividends (last paid December 31, 2019) Total dividends to be paid Earnings before interest & taxes (EBIT) Interest expense Tax rate $1,250,000 1,000,000 200,000 Cumulative $1 per share $300,000 $750,000 $100,000 25% Use the above information to answer the following: a) of the total dividends, how much will be paid to the preferred shareholders, and how much will be paid to the common shareholders? (2 marks) b) Compute the net income of the company. (3 marks) c) Prepare a statement of retained earnings for the company for 2020