Cumulative and fully participating Assuming that the directors decide to declare total dividends in the amount of $509,800,

Cumulative and fully participating Assuming that the directors decide to declare total dividends in the amount of $509,800, determine how much each class of shares should receive if the preferred shares are cumulative and fully participating. Note that one year’s dividends are in arrears on the preferred shares, which pay a dividend of $1.00 per share.Non cumulative and non participating Assuming that the directors decide to declare total dividends in the amount of $509,800, determine how much each class of shares should receive if the preferred shares are non–cumulative and are participating in distributions in excess of a 7.00% dividend rate on the common shares. Note that one year’s dividends are in arrears on the preferred shares, which pay a dividend of $1.00 per share. Relevant Information:Preferred shares outstanding: 19,000 shares$380,000Common shares outstanding: 38,000 shares2,736,000Retained earnings1,019,600