Katie Corporation, based in Liverpool, has 20,000 preferred shares outstanding of no par value $2 dividend and 40,000 common shares outstanding of no par value.

In its first years of operation, the company paid the following dividends: 2010 .............$0 2011 .............$46,000 2012 ............. $78,000 2013 ............. $0 2014 ............. $82,000 Calculate the dividends paid to preferred and common shareholders in each of the five years under the following three independent situations:

a. Preferred shares are noncumulative and nonparticipating.

b. Preferred shares are cumulative and nonparticipating.

c. Preferred shares are cumulative and fully participating.