Take me to the text i The shareholders equity section of Genghis Corporation's balance sheet at January 1, 2020 was as follows. Both preferred shares and common shares have no par value. Shareholders' Equity Contributed Capital Genghis Corporation Balance Sheet (partial) As at January 1, 2020 Preferred Shares, $4 noncumulative, 170,000 authorized, 1,700, issued and outstanding $203,000 Common Shares, unlimited authorized, 35,000 issued and outstanding Total Contributed Capital Retained Earnings Total Shareholders' Equity $1,170,000 $1,170,000 $263,000 $1,433,000 No dividend was declared for common shareholders. However on December 15, 2020, the directors decided to pay dividends to preferred shareholders The dividend payment date was December 28, 2020, Income before income tax for the year was $170,000. Income tax expense for the year was $34,000. The company uses the retained earnings account to record dividends. Do not enter dollar signs or commas in the input boxes. a) Calculate the amount of dividend to be paid to preferred shareholders. Dividends Payable: $8120 b) Prepare journal entry for declaration and payment of preferred dividend. Account Title and Explanation Date Dec 15 Dec 28 Retained Earnings Dividends Payable Dividend payable on preferred shares Dividends Payable Cash Recording payment of dividend + I Debit Not answered Mark 0.00 out of 1.00 c) Calculate the ending balance of retained earnings for the year ended December 31, 2020. Credit Genghis Corporation Statement of Retained Earnings For the Month Ended December 31, 2020 Opening Balance Add: Net Income Less: Cash Dividends Balance - December 31, 2020 27