Matt Schmidt Companys ledger shows the following balances on December 31, 2014.

7% Preferred Stock$10 par value, outstanding20,000shares	$200,000
Common Stock$100 par value, outstanding30,000shares	3,000,000
Retained Earnings	630,000

Assuming that the directors decide to declare total dividends in the amount of $366,000, determine how much each class of stock should receive under each of the conditions stated below. One years dividends are in arrears on the preferred stock.

(a)The preferred stock is cumulative and fully participating.

a. Preferred stock is noncumulative and nonparticipating.

Preferred	Common
$	$

(c)The preferred stock is noncumulative and is participating in distributions in excess of a10% dividend rate on the common stock.

Preferred	Common
$	$