Question #3 (30 marks) See Excel file to complete this question. Calgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $25. outstanding. 10.000 shares) $250,000 Common shares (outstanding. 30,000 shares) 600.000 Retained earnings The board of directors is considering the distribution of a cash dividend to the two groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $51.000. Case B: The preferred shares are cumulative; the total amount of dividends is $60.000. Case C: Same as case B, except the amount is $96,000. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. Show computations. Item 2. Assume that the company issued a 10 percent common stock dividend on the outstanding common shares when the market value per share was $24. Complete the following comparative schedule for common shares only, including explanation of the differences. Assets Liabilities Shareholders' equity 281,000