Giraffe Resorts and Hospitality had 20,000 preferred shares and 40,000 common shares outstanding on January 1, 2017. Annual preferred dividend was $0.20 per share. Total dividends paid were $1,500 in 2017, $0 in 2018, $82,400 in 2019, and $13,500 in 2020. There were no dividends in arrears at the beginning of 2017.

Required: Calculate the amount of dividends that would have been paid to each share class for each year in 2017-2020 under each of the following assumptions.

Case I: The preferred shares are non-cumulative and non-participating Preferred Common Total 2017 2018 2019 2020 Case II: The preferred shares are cumulative but non-participating Preferred Common Total 2017 2018 2019 2020