The following is the abstract of the shareholders' equity of Shake Corporation before declaration of cash dividends

12% Preference Share Capital, par P80, 30,000 shares all issued and outstanding P3,000,000

Ordinary Share Capital, par P40, 20,000 shares all issued and outstanding P1,000,000

Retained Earnings 5,500,000

The Board declared dividends of P1,200,000. No dividends were distributed last year.

Required: Determine how much dividends the preference and ordinary shares will receive given the following independent situations: (2 points each situation/ 10 points)

a. The Preference share is non-cumulative and non-participating

b. The Preference share is cumulative but non-participating

c. The Preference share is non-cumulative but fully participating

d. The Preference share is cumulative and fully participating

e. The Preference share is non-cumulative but participating only up to 15%