Athleetz, Inc., [AI] reported 2,000,000 no par common shares and 1,000,000 no par, $0.90 preferred shares authorized, on January 1, 2018. On the same date, 300,000 common shares [contributed capital $3,600,000] and 175,000 preferred shares [contributed capital $3,500,000] were outstanding.

Continue with the same information given in [29] above. However, now assume that for this question only that the preferred shares were non-cumulative and fully participating. How much will each shareholder group receive? [ROUND YOUR ANSWERS TO THE NEAREST $]

a.

All $658,800 to Common since the Preferred are non-participating.

b.

Each group receives an equal amount of $329,400 per group.

c.

$242,716 to Preferred and $416,084 to Common.

d.

$324,761 to Preferred and $334,039 to Common.

e.

None of the above.