Homework Assignment 2 Reza Dorestani posted on Jan 26, 2021 1:56 PM Homework Assignment 2: Chapter 15 Due: January 30 before midnight Instructions: 1. I will not accept any typed solution and your answer must be in hand writing. 2. You need to submit your answer on the Assignment section of D2L before the deadline. 3. Your answer will be graded based on your efforts and not on being correct. 4. Please be sure to use a black ink to write your answers. Fair, Inc., has $800,000 of 4% preferred stock and $1,200,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2019 and 2020. As of December 31, 2021, it is desired to distribute $270,000 in dividends. Required: How much will the preferred and common stockholders receive under each of the following assumptions: (a) The preferred is noncumulative and nonparticipating. (b) The preferred is cumulative and nonparticipating. (c) The preferred is cumulative and fully participating. (d) The preferred is cumulative and participating to 7% total.