The partial shareholders’ equity section of Getz Inc. as at December 31, 20x4 is as follows: Common shares, 500,000 shares outstanding $6,500,000 Preferred shares, $6, 20,000 shares outstanding 2,000,000 Retained earnings 1,900,000 The preferred share dividends were last declared on December 31, 20x1. There were no issue or repurchases of preferred shares during the year ended December 31, 20x5. On December 15, 20x5 the board of directors declared a total dividend of $1,000,000. Required – How much dividends will be declared to common and preferred shareholders under the following assumptions:

a. The preferred shares are non-cumulative and non-participating.

b. The preferred shares are cumulative and non-participating.

c. The preferred shares are cumulative and fully participating