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On January 1, 2011, Zebra Hotels had 30,000 preferred shares (book value $150,000) and 50,000 common shares (book value $500,000) outstanding. Annual preferred dividend was $0.45 per share. Total dividends paid were $0 in 2011, $13,500 in 2012, $82,500 in 2013, and $29,000 in 2014. There were no dividends in arrears at the beginning of 2011.

Required: Calculate the amount of dividends that would have been paid to each share class for each year in 2011-2014 under each of the following assumptions.

Case I: The preferred shares are non-cumulative and non-participating

Case II: The preferred shares are cumulative but non-participating

Case II: The preferred shares are cumulative and participating. Participation starts after each common share receives a matching dividend of 9%.