Cardinals Inc. has the following shares outstanding: 35,000, $ 0.60, no par value preferred shares $ 420,000 75,000 no par value common shares $ 600,000 No dividends have been declared since December 31, 2017. It is now December 31, 2020, and the board of directors wants to distribute $ 250,000 in dividends. Instructions Calculate how much the preferred and common shareholders will receive under each of the following assumptions: a) The preferred is cumulative and participating to 8% total. (4 marks) b) The preferred is cumulative and participating to $0.75 per share. (4 marks)