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Snowy Ltd was incorporated on 1 January 2022. On that date, Snowy Ltd issued: 5% Preference shares 8 000 shares $1 per share Ordinary shares 5 000 shares $5 per share During December 2024, Snowy Ltd declared a total dividend of $6000. This was the first divide declared by Snowy Ltd, that is, no dividends were declared or paid during the first two years of operations. The preference shares are cumulative and non-participating. After payment of the dividend to preference shareholders, the dividend amount available to pay to ordinary shareholders is: $4 800 $6 000 $1 200 CSnil