Waterway Ltd. issues 9,000, $5 cumulative preferred shares at $62 each and 15,000 common shares at $30 each at the beginning of 2019. Each preferred share is convertible into two common shares. The appropriate preferred share dividend was declared and paid in 2019. During the years 2020 and 2021, the following transactions affected Waterway's shareholders' equity accounts:

2020
Jan.	10		Paid $14,000 of annual dividends to preferred shareholders.
2021
Jan.	10		Paid annual dividend to preferred shareholders and a $3,200 dividend to common shareholders.
Mar.	1		The preferred shares were converted into common shares.

Journalize each of the transactions. (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.)

Date	Account Titles and Explanation	Debit	Credit
2020 Jan . 10
	(To record preferred share dividend.)

Date	Account Titles and Explanation	Debit	Credit
2021 Jan. 10
	(To record common and preferred share dividends.)
Mar. 1
	(To record conversion of shares.)

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List of Accounts

Question Part Score

--/6

Are there any additional reporting requirements regarding preferred share dividends in either 2020 or 2021?

The company needs to disclose dividends in arrears of $ in the notes to the 20202021 financial statemen