Round off all calculations to the nearest Rand or $2$nd decimal $\%,$ where applicable.

Use the following information to answer questions $11$:

Lala Ltd$,$ with a financial year ending on $31$ December $2023,$ issued share capital upon incorporation on $1$ January $2021.$

At the beginning of the year, the following information was available:

$600,000$ ordinary shares were issued at R$7$ each at incorporation. On $1$ July $2021,200,000$ cumulative preference shares, with a $15\%$ dividend rate, were issued at R$8\mathrm{.}00$ each. On $1$ October $2022,240,000$ non$-$cumulative preference shares, with a $10\%$ dividend rate, were issued at R$9\mathrm{.}00$ each. Retained earnings as of $1$ January $2023$ were R$641,400.$

The following equity$-$related transactions for the current financial year have not yet been recorded in the accounting records:

On $1$ June $2023,50,000$ ordinary shares were issued at R$10$ per share. Share issue expenses amounted to R$5,000,$ which must be written off against retained earnings. On $1$ July $2023,$ a capitalization issue was made, issuing one new ordinary share for every five ordinary shares held, at R$11$ per share. The total comprehensive income for the year amounted to R$990,000.$

REQUIRED

QUESTION $11$:

Assume Lala Ltd declared only non$-$cumulative preference dividends on $31$ December $2023,$ and these dividends have not yet been paid. No other dividends, including cumulative preference share dividends or ordinary share dividends, have been declared nor paid since incorporation.

Calculate the total outstanding dividend liability on $31$ December $2023?$

$1.$

R$816000$

$2.$

R$216000$

$3.$

R$616000$

$4.$

R$600000$