The outstanding capital stock Soy Corporation consists of 10,000 shares of $100 par value, 6% preferred and 120,000 shares of $15 par value common.

Assuming that the directors decide to declare total dividends in the amount of $350,000, determine how much each class of stock should receive under each of the conditions stated below. One years dividends are in arrears on the preferred stock.

1. The preferred stock is noncumulative and nonparticipating.
2. The preferred stock is cumulative and nonparticipating.
3. The preferred stock is cumulative and fully participating.