Q$2.$ Hair Force One $($HFO$)$ is a publicly traded company that manufactures medicine that treats hair loss and thus follows IFRS. Information about its shareholders$$ equity is as follows: $*****************************************************************************$ Hair Force One Shareholders$$ Equity December $31,$ Year $9$ Share capital Preferred shares, $$8$ dividend, cumulative and fully participating $(20,000$ authorized; $1,000$ issued and outstanding$)$ $$100,000$ Common shares $(100,000$ authorized, $50,000$ issued and outstanding$)$ $$450,000$ Contributed capital, preferred share retirement $$5,000$ Contributed capital, common share retirement $$10,000$ Contributed capital, conversion option $$1,000$ $$566,000$ Retained earnings $($Note $1)$ $$434,000$ Shareholders$$ equity $$1,000,000$ Note $1$: On December $31,$ Year $9,$ dividends on preferred shares were one year in arrears. $*****************************************************************************$ Several transactions affecting shareholders$$ equity took place during the fiscal year ended December $31,$ Year $10,$ and are summarized in chronological order as follows. $1.$ On March $1,$ the company issued $10,000$ common shares as a result of the conversion of convertible bonds at the option of bondholders. On the transaction date, the carrying value of the bonds was $$97,000$ and the carrying value of the conversion option was $$1,000.$ HFO$$s shares were actively trading at $$10$ per share. $2.$ On June $1,$ the company exchanged $10,000$ common shares for special equipment. The equipment was valued at $$120,000$ by an independent appraiser. On the transaction date, HFO$$s shares were actively trading at $$12$ per share. $3.$ On September $1,$ the company purchased and retired $14,000$ common shares at $$14$ per share.

$(1)$ Prepare the journal entry related to September $1$ transaction. $[11$ marks$]$

$(2)$ Total dividends of $$100,000$ were declared on December $15,$ Year $10.$ Determine the dividends amount to be allocated to the shareholders of preferred shares. $[15$ marks$]$