Amrit Corporation has outstanding share capital consists of

Preferred shares standing: 3,000 shares $300,000

Common shares outstanding: 7,000 shares $280,000

The preferred shares carry a dividend of $5 per share and have a $100 stated value. The company decided to pay $85,000 in dividends and that preferred divideds were not paid during the two years preceding the current year, state how much each class of shares should receive under each of the following condition.

Instructions

1. The preferred shares ate cumulative and participating. Do not round intermediate calculations but round answers to the nearest dolloar

2. The preferred shares are cumulative and non-participating.