HighTech Inc. was a small company started by four entrepreneurs a few years ago. They each initially invested $160,000 and sold $1,000,000 in preferred shares to a wealthy private investor. The company did not earn much profit during its operations but was able to pay the promised annual dividend of $110,000 on the preferred shares. The company did successfully develop several patents, some of which it sold and some it still holds. The four shareholders are planning to sell the remaining patents and all other assets and wind up the company to allow them to move on to other ventures. A summary of the companys statement of financial position is as follows:

Please show the workings as well. Thank you!

HIGHTECH INC. Statement of Financial Position as at April 30, 2020 Total assets $1,943,000 Total liabilities 75,000 Preferred shares 1,000,000 Common shares 640,000 Retained earnings 228,000 Total liabilities and equity $1,943,000 (a) Your answer is incorrect. How much will each group of shareholders receive on the windup if High Tech is able to sell its assets for: i. $1,943,000? ii. $4,844,000? iii. $1,629,000? (i) $1,943,000 (ii) $4,844,000 (iii) $1,629,000 If assets sold for Preferred shareholders' entitlement $ $ $ Common shareholders' entitlement