E15.21 (LO5) (Preference Dividends) The outstanding share capital of Pennington Corporation consists of 2,000 shares of $100 par value, 6% preference, and 5,000 shares of $50 par value ordinary. Instructions Assuming that the company has retained earnings of $70,000, all of which is to be paid out in dividends, and that preference dividends were not paid during the 2 years preceding the current year, determine how much each class of shares should receive under each of the following conditions. a. The preference shares are non-cumulative and non-participating. b. The preference shares are cumulative and non-participating. c. The preference shares are cumulative and participating. (Round dividend rate percentages to four decimal places.)