Waterway Ltd. issues 8,600, $6 cumulative preferred shares at $66 each and 14,000 common shares at $30 each at the beginning of 2019. Each preferred share is convertible into two common shares. During the years 2020 and 2021, the following transactions affected Waterway's shareholders' equity accounts:

2020 Jan. 10 Paid $11,000 of annual dividends to preferred shareholders.

2021 Jan. 10 Paid annual dividend to preferred shareholders and a $3,100 dividend to common shareholders.

Mar. 1 The preferred shares were converted into common shares.

Journalize each of the transaction