Leo, Ltd. has 8,000 outstanding no par value $1.00 preferred shares issued for $80,000 and 36,000 outstanding no par value common shares issued for $25,200. No dividends were paid or declared during 2020 and 2021. Leo wants to distribute $55,976 in dividends on December 31, 2022.

a) Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are non-cumulative and non-participating.

Total dividends: Preferred _______ and Common __________

b) Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are cumulative and non-participating.

Total dividends: Preferred _______ and Common __________

c) Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are cumulative and fully participating.

Total dividends: Preferred _______ and Common __________