5. Claire Co. has declared $50,000 in dividends for 2018. Share capital consists of 3,000, no par common shares and 4,000, $2, no par preferred shares. Dividends were last paid in 2015.

Determine the amount of dividends to be paid on each class of shares assuming:

(a) the preferred shares are cumulative.

(b) the preferred shares are non-cumulative.

(no journal entries needed)