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Dividends on Preferred Shares The shareholders' equity section of Corbin Enterprises includes the items shown below. The board of directors declared dividends of $360,000,$500,000, and $700,000 in its first three years of operation 2020,2021, and 2022 respectively. Note: The preferred shareholders are entitled to dividends of $480,000)(8%$6,000,000). Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating