Prepare journal entries on the appropriate dates for the $2024$ dividends. $($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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles

Debit

Credit

$,$ Current Attempt in Progress

Bonita Limited has the following information available regarding its share capital at December $31,2023$:

Preferred shares, $\backslash (\backslash$$ $3\mathrm{.}50\backslash )$ cumulative, $22,000$ shares issued $\backslash (\backslash$$ $1,100,000\backslash )$

Preferred shares, $\backslash (\backslash$$ $4\mathrm{.}50\backslash )$ noncumulative, $11,000$ shares issued $550,000$

Common shares, $330,000$ shares issued $1,650,000$

The shares were issued when the corporation began operations on January $1,2022.$ No dividends were declared during $2022$ and $2023.$ On October $27,2024,$ the board of directors declares the required preferred share dividends and a $\backslash (\backslash$$ $0\mathrm{.}50\backslash )$ dividend for each of the common shares. The dividends are payable on December $1,2024,$ to the shareholders of record on November $16,2024.$

$($a$)$

Your answer is partially correct.

How much will be paid to each class of shares?

Cumulative preferred shares

Noncumulative preferred shares

$\backslash$$

Common shares

$\backslash$$