On December 31, 2019, the shareholders' equity of Puffin Corporation shows the following: Preferred shares$ 6, no par, 8,000 shares $400,000 Common shares -no par, 100,000 shares $800,000 Retained earnings $300,000 Total shareholders' equity $1,500,000 Assume that preferred dividends were last paid on December 31, 2017, and that all of the company's retained earnings are to be paid out in dividends on December 31, 2019. Required: Record the amount of dividends for both the preferred and common shareholders under the following situations: (a) Preferred dividends are non-cumulative and non- participating (b) Preferred dividends are cumulative and non- participating (c) Preferred dividends are non-cumulative and fully- participating (d) Preferred dividends are non-cumulative and participating in distributions in excess of a 15% dividend rate on the common shares