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how do I calculate Common shares, and Preferred Cumulative ? TIA On...

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Accounting

imagehow do I calculate Common shares, and Preferred Cumulative ?

TIA

On November 1, 2020, Fickle Feline Inc. declared $181,000 of dividends payable to shareholders on November 15, 2020. There are 29,400 common shares and 1,400, $4 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2017. Fickle Feline Inc. had retained earnings of $2,911,000 at the beginning of 2020 and earned a net income of $614,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on November 28, 2020 The company uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Nov 1 Cash Dividends-Common x Cash Dividends-Preferred, cumulative 1 x Dividends Payable 181000 Record dividend payable Nov 28 Dividends Payable 181000 Cash 181000 Record payment of dividend declared on Nov 1

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