Question $2$ thank you

ABC corporation widely held, public company. Information about its shareholders

equity is as follows

ABCCO.

Shareholder's equity

Dec $31,20x1$

Preferred shares, no par value, $$8.$ Issued and outstanding $1,000$

Common shares, no par, $20,000$ authorized, $6,000$ issued and outstanding $180,000$

Retained earnings

Required:

Assuming that on August $8,20$X$1$ the board of directors declared dividends in the

amount of $$100,000,$ for the date of record Sept $10,20x1$ to be paid on Nov $1,$

$20x1.$

Determine how much each class of shares should receive dividends $($Common &

preferred$)$; noting there are $2$ years preferred dividend in arrears under the

following independent assumptions:

Preferred shares are non$-$cumulative and non$-$participating

Preferred shares are cumulative but non$-$participating

Preferred shares are non$-$cumulative but participating

Preferred shares are cumulative and participating