Wissam Company was established on January 1, 2017. The Company issued 10,000 shares of common stock and 2,000 shares of preferred stock on that date. The preferred shares are non-cumulative, $100 par, with a 6% dividend rate. 2018 was the first profitable year of the company in which it declared a total cash dividend of $34,000 on December 31, payable on January 20, 2019. 1)The total amount of cash dividends that will be paid to preferred shareholders is: * $2,400 $12,000 $15,000 $34,000 None of the above 2)The total amount of cash dividends that will be paid to common shareholders is: * $22,000 $20,000 $10,000 $0 None of the above 3)The entry recorded on December 31, 2018 is: * Debit Cash and Credit Dividends of $34,000 Debit Cash Dividends and Credit Dividends Payable of $24,000 Debit Cash Dividends and Credit Dividend Payable of $34,000 Debit Cash Dividends and Credit Dividends Payable of $12,000 None of the above 4)The entry recorded on January 20, 2019 is: * Debit Dividends Payable and Credit Cash of $34,000 Debit Dividends Payable and Credit Cash of $12,000 Debit Dividends Payable and Credit Cash Dividends of $34,000 Debit Dividends and Credit cash of $24,000 None of the above