The outstanding share capital of Bridgeport Corporation consists of 3,000 shares of preferred and 7,000 common shares for which $294,000 was received. The preferred shares carry a dividend of $7 per share and have a $100 stated value.

a)Assuming that the company has retained earnings of $95,000 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of shares should receive if the preferred shares are non-cumulative and non-participating. (Round answers to 0 decimal places, e.g. 5,275.) PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

b)Assuming that the company has retained earnings of $95,000 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of shares should receive if the preferred shares are cumulative and non-participating. (Round answers to 0 decimal places, e.g. 5,275.)PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

c)Assuming that the company has retained earnings of $95,000 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of shares should receive if the preferred shares are cumulative and participating. (Round answers to 0 decimal places, e.g. 5,275.)PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

d) Assume that Bridgeports current year net income was $90,300. Calculate the current year payout ratio under each of the conditions below. (Round answers to 2 decimal places, e.g. 52.75.)PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

1)The preferred shares are non-cumulative and non-participating.

2)The preferred shares are cumulative and non-participating

3)The preferred shares are cumulative and participating.

PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

Preferred Common Total Dividends $ Preferred Common Total Dividends $ Preferred Common Total Dividends $