The outstanding share capital of Penny Corporation (Penny) consists of 2,000 shares of $100 par value, 6% preference, and 5,000 shares of $50 par value ordinary. Required: Assuming that Penny has retained carnings of $70,000, all of which is to be paid out in dividends in Year 3, and that preference dividends were not paid during the 2 years (i.e. Year 1 and Year 2) preceding the current year (i.e. Year 3), determine how much each class of shares should receive under each of the following conditions in Year 3. a) The preference shares are non-cumulative and non-participating.. b) The preference shares are cumulative and non-participating. c) The preference shares are cumulative and participating. (3.5 marks) (3 marks) (17.5 markas)