QUESTION 5 (8 marks) Galaxy Inc. has issued and outstanding a total of 30,000 shares of $3 preferred shares and 185,000 common shares. The company began operations and issued both classes of shares on January 1, 2012. It has declared and paid dividends each year as shown below. Required: Using the table below, calculate the total dividends distributed to each class of shareholder, assuming: a. The preferred shares are cumulative. (3 marks) b. The preferred shares are non-cumulative. (3 marks) a) Cumulative Preferred Shares Preferred Common b) Non-Cumulative Preferred Shares Preferred Common Year 2012 2013 2014 Dividends Paid $ 50.000 $ 100.000 $ 200.000 L c. What are two rights enjoyed by preferred shareholders in preference to common shareholders? (2 marks)