With many Saskatchewan residents now vaccinated against COVID-19, BNI is hopeful that in 2021 its garden centers and physical stores will not experience the closures mandated by the government in 2020 to curb the spread of COVID-19 and net income will increase significantly. Therefore, it is hoped that BNI can declare cash dividends in 2021 since it was not possible to do so in 2020. The following is the shareholder's equity section from BNI's statement of financial position as at December 31, 2020: Preferred shares, 100,000 authorized, 15,000 issued (Note) Common shares, unlimited number authorized, 50,000 issued Retained earnings Accumulated other comprehensive income $15,000,000 5,000,000 9,500,000 425,000 $29.925.000 Note: The preferred shares are cumulative, fully participating and have a stated dividend rate of $50 per year. Gloria has asked you to determine the TOTAL cash dividends that can be expected by EACH of the preferred and common shareholders during 2021 if BNI has a total of $3,500,000 to distribute. You plan to clearly label your work, provide detailed supporting calculations and round all amounts other than those expressed as a percentage to the nearest dollar. You plan to express percentages in percentage format with the amounts rounded to two decimal places (8 marks). (Please insert response here.) A proposal to expand BNI's location north of Regina has received approval from the board of directors (board). To fund the purchase of land and construction of a venue to host socially distanced events including weddings and family reunions, BNI plans to issue bonds with a face amount of $2,000,000 and 10 year term to investors on January 1, 2022. Due to the risks associated with starting this type of business during a pandemic, BNI plans to pay interest at a rate of 10% per annum with semi annual interest payments to be made on June 30 and December 31 each year. Based on your research, you expect investors to demand a rate of return of 12% per annum on January 1, 2022. Gloria has requested that you prepare ALL journal entries (in good form) necessary to account for the bonds for the year ending December 31, 2022. You plan to date the journal entries, provide detailed supporting calculations and round all amounts to the nearest dollar (8 marks). (Please insert response here.)