The Lily Peng Company has a capitalization of $15,000,$ $$1\mathrm{.}60$ no par value preferred shares and $30,000$ no par value common shares. All of the authorized shares have been issued. The preferred shares at $$20\mathrm{.}00$ per share and the common at $$30\mathrm{.}00$ per share. On December $31,20$X$2$ there were no dividends in arrears. During the five following years the company's dividends declaration were as follows:

Under each of the following assumptions complete the schedule below, which shows the amounts of dividends for each of the two classes of shares.

Use Chart below to Answer.s $1.$

The Preferred Shares are Noncumulative & Nonparticipating

Year

Total

Dividends

Preferred

Shares

Common

Shares

$20$X$3$

$

$18,000$

$20$X$4$

$

$96,000$

$20$X$5$

$ $108,000$

$20$X$6$

$

$21,000$

$20$X$7$

$ $126,000$

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$2$

The Preferred Shares are cumulative & nonparticipating

Year

Total

Dividends

Preferred

Shares

Common

Shares

$20$X$3$

$

$18,000$

$20$X$4$

$ $96,000$

$20$X$5$

$ $108,000$

$20$X$6$

$

$21,000$

$20$X$7$

$ $126,000$

The Preferred Shares are noncumulative & participating

Year

Total

Dividends

Preferred

Shares

Common

Shares

$20$X$3$

$

$18,000$

$20$X$4$

$

$96,000$

$20$X$5$

$ $108,000$

$20$X$6$

$ $21,000$

$20$X$7$

$ $126,000$

The Preferred Shares are Cumulative & Participating

Year

Total

Dividends

Preferred

Shares

Common

Shares

$20$X$3$

$

$18,000$

$20$X$4$

$

$96,000$

$20$X$5$

$ $108,000$

$20$X$6$

$ $21,000$

$20$X$7$

$ $126,000$