Corpus, Inc. has 400,000 shares of $10 par value common stock and 100,000 shares of $10 par value, 8%, cumulative, participating preferred stock outstanding. Dividends on the preferred stock are two years in arrears beyond the current year. Assuming that the company wishes to distribute $700,000 as dividends, compute the amounts the preferred and common stockholders would receive under the following circumstances.

a. The preferred stock is not cumulative or participating

b. The preferred stock is cumulative but not participating

c. The preferred stock is cumulative and participating.

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