Company X has $6,000,000, $0.60, no par value preferred shares (6,000 shares) and $4,000,000 of no par value common shares outstanding (40,000 shares). No dividends have been paid or declared during 2014, 2015, and 2016. As of December 31, 2017, assume that the directors decide to declare total dividends in the amount of $420,000.

Required: Round to 5 decimals.

Determine how much each class of shares would receive under each of the following conditions below:

a) The preferred is non-cumulative, non-participating.

b) The preferred is cumulative, non-participating.

c) The preferred is cumulative, fully participating.

d) The preferred is non-cumulative and are participating in distributions in excess of an 8% dividend rate on common shares.