At the beginning of its first year of operations, Sweet Acacia Limited has 5,000, $3 preferred shares and 51,000 common shares. Using the format shown below, allocate the total dividend paid in each year to the preferred and common shareholders, assuming that the preferred shares are (a) noncumulative, and (b) cumulative. (a) (b) Dividend Paid Noncumulative Preferred Cumulative Preferred ear Common Com 1 $15,000 $ 2 11,000 3 30,000 4 27.000 Pharoah Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2021 year end: 1. 2 3 4. 5. Earned $551.500 of service revenue and incurred $464,000 of operating expenses. Interest expense was $2,700. On October 5, 2020, paid $49,600 of dividends that had been declared on September 25, 2020. On September 28, 2021, declared $40,400 of dividends payable on October 8, 2021. Retained earnings on September 30, 2020, were $227,000. Issued common shares for $22,900 cash on July 2, 2021. Prepare an income statement PHAROAH LTD. Income Statement Year Ended September 30, 2021 $ $ v