MasterMind SA has 3,000 shares of 6%, 100 par value preference shares outstanding on December 31, 2017. On December 31, 2017, the company declared a 60,000 cash dividend. 1. What does the 6% indicates? 2. Determine the dividend paid to preference shareholders and ordinary shareholders under each of the following scenarios. a) The preference shares are non-cumulative, and the company has not missed any divi- dends in previous years. b) The preference shares are non-cumulative, and the company did not pay a dividend in each of the two previous years. c) The preference shares are cumulative, and the company did not pay a dividend in each of the two previous years