The outstanding share capital of Sheng Inc. includes 40,000 shares of $8.60 cumulative preferred and 78,000 common shares, all issued during the first year of operations. During its first three years of operations, the corporation declared and paid the following amounts in dividends.

Year	Total Dividends Declared
2018	$	0
2019		440,000
2020		1,058,000

Required: Using the chart below determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each class over the three years. (Hint: Refer to chapter 12 lecture notes slide 40 to 42) Show your calculations

Total Dividends Paid
	2018	2019	2020	TOTAL
Preferred
Common
Total