Waterway Limited has the following information available regarding its share capital at December 31, 2016: Preferred shares, $3.50 cumulative, 20, 800 shares issued $1, 040,000 Preferred shares, $4.50 noncumulative, 10,000 shares issued 500,000 Common shares, 280,000 shares issued 1, 400,000 The shares were issued when the corporation began operations on January 1, 2015. No dividends were declared during 2015 and 2016. On October 30, 2017, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2017, to the shareholders of record on November 16, 2017. How much will be paid to each class of shares? Cumulative preferred shares $ Noncumulative preferred shares $ Common shares Prepare journal entries on the appropriate dates for the 2017 dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select. "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order in the problem.)