preferred shares "A", and 20,000, $100, 5% preferred shares "B". Net income for the year ended December 31, 2028 was $200,000. Throwin' Shade neither declares nor pays dividends during the year. 5 7 8 9 20 21 22 23 The following are three independent scenarios: a. Both the preferred shares Series A and B are cumulative in nature. Series A must be fully paid to their current entitlement before any monies are paid to the Series B shareholders. 24 25 26 b. The preferred shares Series A are cumulative and B are non- cumulative in nature. Series A must be fully paid to their current entitlement before any monies are paid to the Series B shareholders. c. Both the preferred shares Series A and B are non-cumulative in nature. Series A must be fully paid to their current entitlement before any monies are paid to the Series B shareholders.

referred shares " A ", and 20,000,$100,5% preferred shares " B " Jet income for the year ended December 31, 2028 was $200,00 Throwin' Shade neither declares nor pays dividends during the year. The following are three independent scenarios: a. Both the preferred shares Series A and B are cumulative in nature. Series A must be fully paid to their current entitlement before any monies are paid to the Series B shareholders. b. The preferred shares Series A are cumulative and B are non cumulative in nature. Series A must be fully paid to their current entitlement before any monies are paid to the Series B shareholders. c. Both the preferred shares Series A and B are non-cumulative in nature. Series A must be fully paid to their currententitlement before any monies are paid to the Series B shareholders