The outstanding share capital of Flounder Corporation consists of 3,135 preferred shares and 7,125 common shares for which $256,500 was received. The preferred shares carry a dividend of $6 per share and have a $100 stated value. (a) Assuming that the company has retained earnings of $84,000 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. eTextbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 5% score reduction after attempt 2 (b) Assuming that the company has retained earnings of $84,000 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. Attempts: 1 of 3 used Using multiple attempts will impact your score. Assuming that the company has retained earnings of $84,000 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.) eTextbook and Media Using multiple attempts will impact your score. Attempts: 1 of 3 used 5% score reduction after attempt 2 (d1) Your answer is incorrect. Assume that in the preceding questions (a), (b), and (c) above that Flounder's current-year net income was $80,000. Calculate the current-year payout ratio under each of the conditions below. (Round answers to the nearest full percentage point, e.g. 110.)