In each of the following independent cases, it is assumed that the corporation has $400,000 of 6% preference shares and $1,600,000 of ordinary shares outstanding, each having a par value of $10. No dividends have been declared for 2014 and 2015. (a) As of 12/31/16, it is desired to distribute $250,000 in dividends. How much will the preference shareholders receive if their shares are cumulative and nonparticipating? (1 Marks) (b) As of 12/31/16, it is desired to distribute $400,000 in dividends. How much will the preference shareholders receive if their shares are cumulative and participating up to 11% in total? (2 Marks)