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Question 10 of 12 - / 10 5 View Policies Current Attempt in Progress The shareholders' equity of Henry Byce Ltd. at the end of 2020 and 2019 appeared as follows: 2020 2019 Share capital, preferred shares, 11% cumulative, 1,076,000 shares authorized. 47.000 shares issued $747.300 $747.300 Share capital, 5,366,000 common shares authorized 2,584,000 common shares issued and outstanding (2019-973,000 shares issued and outstanding) 7.788.700 3,600,100 Retained earnings 4,734,000 2,892.000 Total shareholders' equity $13,270,000 $7,239,400 Byce began operations in 2018. The 47.000 preferred shares issued have been outstanding since 2018. During 2020, Byce declared and paid a total of $257,000 in cash dividends. Assume the preferred shares were not in arrears at December 31, 2019. How was the $257,000 in cash dividends distributed between the two types of shares in 2020? Preferred Common Total S $ S 2020 Assume the preferred share dividends were in arrears since 2018: that is, the dividends were not paid in 2018 and 2019. How was the $257.000 in cash dividends distributed between the two classes of shares? Preferred Common Total 2018 arrears $ $ $ 2019 arrears $ $ $ 2020 $ $ $ Provide journal entries to account for the changes to the shareholders' equity of Henry Byce Ltd. in 2020 assuring the scenario from part (al (Credit account tities 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 for the amounts) Account and explanation Debit Credit (common shares issued during year) (Dividends declared) (Dwidends paid) (Net income for the year closed to retained earnings) Dividends Declared for the Vilar closed to retained earnings

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