E. MacGill Inc. paid out cash dividends at the end of each year as follows: Year Dividends 2022 $525,000 2023 $600,000 2024 $750,000

1. Assume that MacGill had issued 100,000 common shares and 25,000 10%, non-cumulative preferred shares with a share capital of $1.5 million. How much cash would be paid out in 2022, 2023, and 2024 as dividends to each class of shares?

2. Assume that MacGill had issued 50,000 common shares with share capital of $5.5 million, and 20,000 7% cumulative, preferred shares that were two years in arrears as at January 1, 2022, with a share capital of $2.5 million. How much cash would be paid out in 2022, 2023, and 2024 as dividends to each class of shares?