Calgary Corporation has the following data on stock issued and outstanding on December 31, 2020:

10% Preference share, P10

par. 300.000

Ordinary share capital, P10

par. 200.000

Retained earnings: 300,000

Dividends were in arrears for 2 years, excluding the current year. The Board of Directors declared P200,000 cash dividends.

Assumption: If the Preferred is non-cumulative and participating

The preferred dividend per share is?

A. 3

B. 4

C. 2

D. 1