Herr Fashions has 2,000 shares of 7%, 100 par value preference shares outstanding at December 31, 2020. At December 31, 2020, the company declared a 110,000 cash dividend. Herr Fashions did not pay a dividend in each of the two previous years. Instructions Determine the dividend paid to preferehce shareholders and ordinary shareholders under each of the following scenarios: (1) the preference shares are non-cumulative : (2) the preference shares are cumulative