1. Illuminating Ventures Corporation had the following shares issued and outstanding in the current and previous...

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1. Illuminating Ventures Corporation had the following shares issued and outstanding in the current and previous year: 3 marks $3 Preferred shares, non-participating, number of shares issued and outstanding throughout the current fiscal year 6,838 $3 Preferred shares, non-participating, number of shares issued and outstanding throughout the previous fiscal 5,844 year Common shares, number of shares issued and outstanding 46,037 The board of directors declared a dividend on the last day of the current fiscal year. Amount of cash dividend declared by the board of directors $ 84,239 Required: Allocate the dividend between the preferred and common shareholders assuming the preferred shares are cumulative and are 1 year in arrears.

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